IRLF 


I 


LIBRARY 

OF    THE 

UNIVERSITY  OF  CALIFORNIA. 


Class 


\ 


A    PRACTICAL    TREATISE 


BUSINESS, 


"There  is  a  tide  in  the  affairs  of  men, 
Which,  taken  at  the  flood,  leads  on  to  fortune ; 
Omitted,  all  the  voyage  of  their  life 
Is  bound  in  shallows  and  in  miseries." 


A 

PRACTICAL    TREATISE 


ox 


•BUSINESS: 


OK  HOW  TO 


GET,  SAVE,  SPEND,  GIVE,  LEND,  AND  BEQUEATH 

MONEY: 


WITH  AN 


INQUIRY  INTO  THE  CHANCES  OF  SUCCESS  AND  CAUSES 
OF  FAILURE  IN  BUSINESS. 


BY  EDWIN  T.  FREEDLEY. 

ALSO, 

PRIZE  ESSAYS,  STATISTICS,  MISCELLANIES, 

AND 

NUMEROUS  PRIVATE  LETTERS  FROM  SUCCESSFUL 
AND  DISTINGUISHED  BUSINESS  MEN. 

uv'        ^GiTY 

?AR 


PHILADELPHIA: 

LIPPINCOTT,    GRAMBO    &    CO. 

1853. 


Entered  according  to  Act  of  Congress,  in  the  year  1852,  by 
EDWIN   T.   FREEDLEY, 

In  the  Clerk's  Office  of  the  District  Court  of  the  United  States, 
in  and  for  the  Eastern  District  of  Pennsylvania. 


PHILADELPHIA  : 

STEREOTYPED  BY  OEORGK  CHARLES. 
PRINTED  BY  T.  K.  i  P.  G  COLUNS. 


PREFACE. 


"  THB  wisdom  touching  negotiation,  or  business,  hath  not  been  hitheito 
collected  into  writing,  to  the  great  derogation  of  learning  and  the  profes 
sors  of  learning.  *  *  For  if  books  were  written  of  this,  as  the  other,  I 
doubt  not  but  learned  men,  with  mean  experience,  would  far  excel  men  of  long 
experience  without  learning,  and  outshoot  them  with  their  own  bow" — 
BACOX'S  Adv.  of  Learning. 

IT  needs  no  long  experience,  I  think,  to  convince  any  one  that 
men  engaged  in  active  business  need  all  the  information  they  can 
get  to  manage  their  concerns  with  success ;  nor  does  it  require  a 
world-wide  observatio'h  to  discover  that  not  a  few  purchase  their 
knowledge  at  the  price  of  their  fortune  and  reputation.  Impressed 
with  this  conviction,  I  determined,  some  months  ago,  to  take  advan 
tage  of  the  leisure  accidentally  afforded  me  to  see  what  landmarks 
had  been  set  up,  and  to  know  how  much  could  be  learned  respect 
ing  a  matter  so  important  as  business,  by  means  less  costly  and 
more  pleasant  than  the  severe  teachings  of  experience.  On  look 
ing  through  the  records  within  my  reach,  I  found  a  good  deal  that 
I  considered  valuable,  and  which  I  was  satisfied  that  all  who  are 
engaged  in  business  do  not  know,  though  doubtless  many  know  the 
whole  of  it  and  much  more.  It  seemed  to  me  that,  by  separating 
that  which  was  useful  and  practical  from  the  mass  of  irrelevant 
matter  with  which  it  was  mixed  up,  and  arranging  it  in  an  inte 
resting  and  instructive  shape,  with  the  addition  of  some  facts 
entirely  within  my  own  possession,  I  could  do  some  service  to 
those  for  whom  I  entertain  a  higher  respect  than  for  any  othe~ 
class  of  men  in  the  world — I  mean  the  active,  intelligent  business 
men  of  the  country — and  especially  to  those  who  are  fitting  them 
selves  for  business  pursuits.  Whether  the  attempt  is  a  happy  one, 

1*  f5 


118317 


6  PREFACE 

I  cannot  say.  It  is  a  hazardous  undertaking  for  an  unpractised 
hand  to  attempt  authorship  at  any  time;  and  on  subjects  like  this, 
it  is  doubly  hazardous. 

My  claims  to  the  indulgent  consideration  of  those  whose  atten 
tion  I  necessarily  solicit  by  the  act  of  publication  rest  mainly  on 
the  fact  that  the  number  of  books  on  the  principles  of  money- 
making  is  few — none  to  serve  as  models — and  that  more  are  wanted ; 
and  upon  the  fact  that  I  honestly  entertain  the  opinion,  however 
mistaken  it  may  be,  that  those  who  favor  this  humble  treatise  with 
a  candid  and  an  unprejudiced  perusal  will  not  find  that  their  time 
and  money  have  been  totally  thrown  away.  The  value  of  books 
of  this  kind  does  not  consist  solely  in  what  they  state,  but  also  in 
what  they  may  suggest,  so  that  a  wide-awake  man  stands  a  chance 
of  having  an  idea  suddenly  darted  into  his  mind  by  which  he  may 
materially  and  essentially  improve  his  fortune,  or  increase  his  hap 
piness.  What  is  called  TACT,  which  makes  so  large  a  figure  in 
the  conversation  of  the  world,  and  which  i?  certainly  a  powerful 
instrument  of  success,  is  nothing  more  it  an  quickness  of  per 
ception,  united  to  promptitude  of  action.  It  is  the  result  of  pos 
sessing  a  variety  of  practical  ideas,  and  confidence  in  their  cor 
rectness.  The  sources  whence  these  ideas  may  be  obtained  are, 
first,  a  fertile  brain :  secondly,  actual  personal  experience  in  the 
affairs  of  life  :  and,  thirdly,  the  experience  and  views  of  others, 
analysed  and  made  our  own  by  study. 

"  In  the  outset,  then,  we  apprise  the  reader/'  to  use  the  language 
(which  is  especially  true  of  this  work)  of  the  author  of  the  chapter 
on  speculation,  "  that,  inasmuch  as  one  man's  wisdom  or  experience 
would  be  a  very  insufficient  guide  in  this  great  search  for  truth, 

WHICH    HAS   A   BIG    BAG    OP   MONEY   AT    THE   END,  We  have    not 

undertaken  to  rely  on  our  own  acquired  skill  in  money-making,  but 
have  made  free  with  the  knowledge  of  others.  The  principles,  the 
facts,  the  maxims,  and  the  judgments  we  design  to  set  forth  are 
partly  original,  and  partly  compiled.  Few  men  have  written  books 
without  saying  something  wise  on  the  subject  of  money-getting, 
and  what  we  have  learned  from  divers  sources  respecting  this 
matter"  may  be  found  in  the  following  pages.  This  work  embraces, 
besides  what  is  original,  and  besides  numerous  extracts  and  inte- 


PREFACE.  7 

resting  letters  to  the  author  from  Hon.  John  Freedley,  Hon. 
Horace  Greeley,  J.  W.  Scott,  P.  T.  Barnum,  and  others,  a  most 
excellent  and  interesting  prize  essay  on  farm  management,  by  J. 
J.  Thomas,  which  will  give  to  those  who  read  only  to  increase  their 
stock  of  general  knowledge  more  information  on  the  best  mode  of 
managing  a  farm  than  many  farmers  possess ;  an  excellent  original 
essay,  the  True  Man  of  Business,  by  Hon.  Horace  Greeley,  written 
for  this  work  :  How  to  Get  Rich  by  Speculation,  by  a  merchant  of 
Boston,  originally  written  for  the  Boston  Courier;  the  most  valuable 
part  of  Taylor's  celebrated  essay  of  Money,  never  before  repub- 
lished  in  this  country ;  and  some  valuable  statistics  and  miscella 
nies,  for  a  part  of  which  I  am  indebted  to  Mr.  Hunt,  proprietor  of 
Hunt's  Merchants'  Magazine,  which  is  the  most  valuable  periodical 
for  the  business  man  ever  published  in  any  country. 

Hoping  that  this  treatise,  though  humble,  contains  some  hints 
that  will  be  of  value  to  those  for  whom  it  has  been  prepared,  and 
that  those  of  its  friends  who  believe  that  it  will  do  good,  notwith 
standing  its  faults,  will  take  some  interest  in  its  circulation,  I  leave 
it  in  the  hands  of  a  generous  public. 

PHILADELPHIA,  June  14,  1852. 


CONTENTS. 


CHAPTER  I. 

BUSINESS — INTRODUCTORY. 

Importance  of  money — What  is  business  ? — Human  nature — Body  and  mind 
contrasted — The  end  of  business — The  world's  search  after  happiness — 
The  failure  of  the  old  philosophy — Success  of  the  new — Remarks  of  spe 
culative  men  on  business — Bethune's  remark — Why  these  remarks  are  to 
be  regretted — Idleness  every  where  condemned — Spanish  proverb — Idle 
ness  impracticable — What  substitute  would  they  have — Religion  a  source 
of  happiness — Not  the  only  source — Anecdote  of  a  religious  recluse — How 
knowledge  is  a  source  of  happiness — Knowledge  must  be  applied  to  use 
fulness — The  miseries  of  a  man  intellectually  cultivated,  who  cannot  act, 
described — A  wise  disposition  of  time — Business  pursuits  not  incompati 
ble  with  moral  and  intellectual  culture — Studious  men — Webster — Busi 
ness  a  test  of  character — "  Any  fool  can  getmoney,"  considered — Business 
a  trial  of  virtue — Practical  religion — Practical  knowledge — the  steam- 
engine  a  reformer — Will  abolish  slavery — How — Will  better  the  condi 
tion  of  the  poor — The  best  plan  of  reform — Relationship  between  business 
virtue,  and  knowledge — Commerce  a  foe  to  war — Benefits  of  commerce — 
Wealth  a  blessing — Wealth  uncertain — No  one  can  say  "  he  made  his  own 
money" — Wealth  compared  to  certain  birds — What  is  the  first  step  in  life 
— What  can  be  done  towards  acquiring  wealth — How  far  can  books  aid — 
What  is  the  first  requisite — The  object  of  this  treatise.  .  .  21-30 

CHAPTER  II. 

BUSINESS    EDUCATION — CHOICE    OF   A    BUSINESS. 

Aaaison's  remark — Danger  of  a  mistake  in  the  choice — A  change  of  busi 
ness — The  best  temperament — Forcible  quotation — The  sanguine  man — 
The  desponding  man= — The  best  education — The  object  of  education — The 
cultivation  of  the  senses — The  discipline  of  the  mind — Instinct  and  reason 
contrasted — The  most  useful  studies — Dr.  Borrow's  remark — Bonaparte — 
Edward  Everett — The  most  successful  lawyers — Importance  of  chemistry 


X  CONTENTS. 

—Anecdote — Gunpowder — The  most  useful  languages — German  emigra 
tion — California — No  excellence  without  toil — Self-cultivation — John 
Freedley — An  excellent  extract  from  his  letter — The  value  of  schools-*- 
An  important  thing  to  be  remembered — A  college  education  considered — 
John  Freedley's  letter  on  diplomas — Ewing — Corwin — Jesuits'  plan  of 
education— A  counting-house  education — Hilliard's  comparison  of  two 
youths — What  a  youth  learns  at  college — What  he  learns  at  a  counting- 
house — A  counting-house  education  for  farmers — Mechanics — Lawyers — 
John  Freedley's  observation,  who  succeeds  best  in  obtaining  practice — Law 
schools  for  merchants — The  choice  of  a  profession — What  shall  I  do  ? — Em 
barrassing — First  hint — Who  is  independent — How  to  obtain  independ 
ence — Franklin — Jews — Sparta  law — All  useful  employments  equally  re 
spectable — How  to  make  men  equal — Second  hint — Fancy — Judgment — 
Third  hint — The  cardinal  powers  of  business — What  qualities  a  farmer 
must  possess — A  butcher — A  bookbinder — A  tailor — A  brushmaker — A 
machinist — A  carpenter — A  jeweller — A  stone  mason — A  cabinet-maker 
— A  chemist — A  storekeeper — An  auctioneer — A  surgeon — A  merchant — 
A  professional  man,  &c. — The  average  wages  in  mechanical  employments 
— Capital  required — The  professions — Professional  men  poorly  paid — 
Lawyers'  fees — Divines'  advantages — The  only  worthy  motive  in  choosing 
a  profession — Collyer's  remark — A  regret 31-45 

CHAPTER  III. 

HABITS   OP    BUSINESS. 

Two  important  questions — What  are  habits  of  business  ? — Include  six  quali 
ties — Importance  of — Industry :  Indian's  maxim — Clarendon's  remark — 
How  to  acquire  the  habit — Arrangement:  A  perfectly  methodical  man — • 
Jeremiah  Evarts — How  to  acquire  the  habit — Calculation:  Advantages  of 
a  readiness  in  calculation — How  to  become  a  ready  calculator  without 
slate  and  pencils.  Dr.  Alcott's  plan — True  and  false  economy — Calcula 
tion  proves  that  a  rogue  is  a  fool — Prudence  defined — Rules  of  Prudence 
— Chesterfield — Plutarch — Result  of  judgment — Judgment  defined— Part 
nership  a  subject  for  the  exercise  of  judgment — In  what  cases  is  it  prudent 
to  form  a  partnership  ? — In  what  not  ? — Taking  clerks  into  partnership 
— Questions  to  be  asked  in  choosing  a  partner — A  distinguished  commer 
cial  lawyer's  opinion — Marriage  a  test  of  judgment — Paul's  opinion  of 
marriage — What  should  be  especially  avoided  in  the  choice  of  a  wife — 
^picture  of  a  model  wife — Proper  age  for  commencing  business  considered 
— Experience  overrated — Knowledge  the  one  thing  needful — The  greatest 
exploits  performed  at  an  early  age — Hannibal — Alexander — Byron — Bo 
naparte — Montaigne's  observation — Girard — Rothschild — Astor — Asser 
tion  of  medical  men — When  the  frame  hardens — Example  of  our  Saviour 


CONTENTS.  XI 

—Good  situation  not  to  be  abandoned — Punctuality :  Why  we  like  punc 
tual  men — Why  we  dislike  unpunctual  men — The  want  of  it  a  proof  of 
what  ? — Unpunctuality  considered  a  mark  of  consequence  by  little  great 
men — Blackstone's  opinion — Lord  Brougham — Punctuality  not  always 
possible — What  is  possible  ? — How  are  promises  to  pay  money  understood  ? 
— What  will  a  punctual  man  do  when  he  has  not  the  money  ? — A  clown — 
Perseverance  defined  :  Burgh's  merchant — No  employment  so  trifling  as 
not  to  afford  a  subsistence — William  Wirt's  observation — The  weather 
cock  an  example  of  steadiness — Habits  of  business  necessary  to  all — 
What  may  a  dull  man  hope  to  do — Necessary  to  a  genius.  .  46-57 

CHAPTER  IV. 

GETTING    MONET. 

Burns — to  get  money  a  religious  duty,  proved — Why  should  a  man  not  limit 
his  exertions  by  his  wants  ? — "  To  get  all  we  can,  and  keep  all  we  get," 
considered — Limita-tions  to  the  right  of  getting  all  we  can — The  good  old 
plan — Origin  of  law — Of  moral  law — Honor — The  laws  of  the  land  denned 
— Every  law  has  two  branches — Two  ways  of  obeying  a  law — Their 
imperfection — Moral  law,  how  learned — A  question  to  be  asked — God  has 
designed  man's  happiness,  proved — How  to  determine  whether  an  action 
be  right  or  wrong — Why  am  I  obliged  to  keep  my  word  ? — How  are  pro 
mises  to  be  measured  ? — The  rule  governing  the  construction  of  contracts 
— Two  other  important  rules — To  conceal  faults  as  bad  as  cheating — The 
two  main  causes  of  cheating — Bad  buyers — Oil-handed  men — Whom  should 
they  buy  from  ? — Exceptions  to  the  rule — Beating  down  price — Shopping — 
One-price  system — Market  price  a  fair  price — Paley's  remark — Interest 
ing  question  in  casuistry — The  corn  merchant — Dr.  Dewey  answered — 
To  make  use  of  superior  information,  honest — Is  a  man  morally  bound 
to  pay  his  old  debts  when  able  to  do  so  ? — On  what  does  the  moral  obliga 
tion  to  pay  debts  rest  ? — Promises  may  be  released  in  conscience — The 
moral  duties  of  the  seller — Of  the  buyer — With  whom  does  credit  origi 
nate  ? — Agency  and  credit — A  man  must  consult  his  own  conscience — The 
meaning  of  conscience — Impolicy  of  many  strict  rules — Honor — Its  laws 
not  written  in  a  code — The  seat  of  honor — Its  power  manifested — Chal 
mers'  splendid  observation — Importance  of  honor  in  business  men — When 
a  man  violates  the  laws  of  honor — Instances — An  appeal — Burns — How 
to  get  money — The  first  step — Illustrations — The  first  rule— What  kinds  of 
business  are  the  safest — Second  rule — Investments  inland  considered — ^\ 
great  fact — Third  rule — The  true  principles  of  business.  .  .  58-71 


Xii  CONTENTS. 

CHAPTER  V. 

GETTING   MONEY   BY   FAKMING. 

Franklin — Agriculture  needs  no  eulogy — Anew  theory — Is  farming  profita 
ble  ? — What  is  a  good  business  ? — A  profitable  business  ? — Joshua  Tap- 
pan — A.  T.  Perkins — J.  G.  Chadsey — Estimate  of  practical  men — Why 
business  men  succeed  best  at  farming — Value  of  books  and  agricultural 
papers — What  are  practical  works  likely  to  effect  ? — Two  farms — Amount 
of  profits — Why  is  a  garden  richer  than  a  field  ? — Much  land  a  drawback 
— Anecdote — Calhoun's  remark — Farm  management — Excellent  prize  es 
say — The  perfection  of  farming — Capital — A  great  mistake — Debt — > 
Farming  in  England — Doing  every  thing  at  the  right  season,  illustrated — 
Capital  required  to  start  a  farm  of  one  hundred  acres — List  and  cost  of 
live  stock — Do.  of  implements — Do.  of  Seeds — Number  of  laborers  re 
quired — Maintenance  of  animals — Recapitulation — First  year  of  farming 
expensive  and  uncertain — Proper  size  of  farms — Difference  in  the  yield  of 
the  corn  crop — Difference  in  the  profits — A  friend's  assertion — Large 
farms — An  example — Cost  of  bringing  land  to  such  fertility — Laying  out 
farms — This  department  neglected — A  great  error — How  to  save  fencing — 
Lanes — Convenience  for  watering  cattle — A  farm  road — A  specimen  of 
laying  out  a  farm  given — How  to  lay  out  a  farm  of  irregular  shape — 
Fences — Cedar  stakes — Stone  walls — Hedges — Burnap's  astounding  as 
sertion  of  the  cost  of  fences — Gates — Self-shutting  and  self-fastening — 
Numbering  fields — Bars  and  gates  compared — Which  the  cheapest — 
Buildings — How  to  be  situated — The  dwelling,  where  to  be  situated — The 
size  of  barns  and  out-buildings — How  to  save  one-third  of  the  fodder — 
The  wood-house — A  small  cheap  movable  horse-power — Root  cellar — Ob 
jection  to  ruta-bagas  and  beets  removed — How  to  exclude  water  and  rats 
from  cellars — Choice  of  implements — The  best  only  to  be  procured — How  a 
laborer  may  save  one  week's  labor  in  four — Choice  of  animals — The  best — 
Qualities  of  good  cows,  oxen,  sheep,  swine — Soils  and  their  management — 
Kinds  of  soils — Heavy  soils — How  to  distinguish  them  from  light — Sandy 
and  gravelly  loams,  how  distinguished — What  succeed  best  upon  them — 
How  are  peaty  soils  made  ? — Why  liable  to  frosts — Corn  of  early  varieties 
— How  to  improve  heavy  soils — Sandy  soils — Subsoil  ploughing — Manures 
— Importance — Wrhy  manures  possess  different  degrees  of  power — The 
great  art  of  saving  manure — Thousands  of  dollars  lost  by  want  of  this  know 
ledge  every  year — A  good  story — Humphrey  Davy — TJnfermented  manures 
superior — How  to  treat  fresh  manure  to  make  its  influence  like  magic — 
Swamp  muck — When  peat  or  muck  is  pre-eminently  valuable — Neat  and 
profitable  farming — The  Flanders  mode — How  to  increase  the  aggregate 
products  by  millions — Rotation  of  crops — The  best  mode  of  rotation-  -How 


CONTENTS.  Xlll 

to  do  things  at  the  right  time — A  small  book — A  review — A  great  truth — 
Young  farmers — When  need  we  not  fear  for  their  success — Agriculture 
the  art  of  peace — Beautiful  conclusion 71-94 

CHAPTER  VI. 

GETTING   MONEY   BY   MERCHANDISING. 

Who  are  merchants? — Parker's  curious  definition — Man  the  only  trading 
animal — Origin  of  exchanges — The  amount  of  exchanges  expands  with 
civilization — Annual  increase  of  exchanges  and  population — The  profits 
of  exchanges  diminishing — It  matters  li&le  to  the  producers  whether 
prices  be  high  or  low,  proved — Traders,  as  a  class,  do  not  do  worse  than 
formerly — Commerce  is  not  prostrate  because  overdone — The  future  of 
the  mercantile  profession — What  must  the  merchant  of  the  next  age  be  ? 
— The  practical  choice  of  the  mercantile  class — Small  advances  on  cost 
do  not  imply  small  profits — Interesting  calculation — The  essential  bases 
of  a  profitable  and  safe  trade  in  the  future — What  must  the  merchant 
then  do  ? — The  division  of  the  subject — Knowledge  of  the  business — Two 
departments — What  is  science  ? — How  to  acquire  a  knowledge  of  the 
theory  of  a  profession — Books  on  business  valuable — An  analogy  between 
various  pursuits — A  business  library — How  to  become  master  of  the  art 
— Apprentice  fees — Judgment  of  the  value  of  goods — Its  importance — 
Where  it  can  be  best  acquired1? — How  to  acquire  it — "A  patch  to  try" 
— Bookkeeping,  business  correspondence — Technical  terms — A  laugh 
able  mistake — When  can  a  man  be  said  to  understand  a  business  tho 
roughly — Importing  houses — A  lamentable  deficiency — Causes  of  PANICS 
— Their  cure — The  laws  that  regulate  supply  and  demand — Dry  goods 
business — How  to  judge  of  its  present  state  and  future  prospects — The 
means  for  a  perfect  analysis  of  the  whole  trade — Bacon — General  ac 
quaintance  with  all  business — Capital — Amount  of  capital — A  statement — 
Trusting  to  accommodations  dangerous — How  far  it  is  prudent  to  extend 
purchases  beyond  capital,  considered — The  safe  rule  in  banking — The  rule 
in  business — Horace  Greeley's  letter — How  should  a  surplus  capital  be 
invested  ? — What  is  a  good  mercantile  security  ? — Mistakes — Fixed  and 
floating  capital  defined — Cash — An  important  matter/or  produce  and  com 
mission  merchants  to  know — Making  advances — Probable  sales —  An  interest 
ing  and  instructive  story,  showing  what  calculations  a  man  should  make  be 
fore  embarking  in  the  dry-goods  trade — Profits  of  jobbers — Store — Proper 
location  for  a  retail  store — Opposition  the  life  of  trade — An  interesting  story 
of  secret  partnership — Hat  business — A  lease — Fine  stores  condemned 
•—A  pastry  cook's  shop  in  London — Light  and  dark  stores — Bookkeeper's 
desk — Ventilation — Injurious  effects  of  bad  air  to  health  and  commodities 
— The  situation  of  a  residence — Opinions  of  physicians — Lemnius — Ar 

2 


XIV  CONTENTS. 

rangement  of  goods — A  model  dry-goods  store  described — Clerks — The  chief 
qualifications  to  be  sought  after  in  clerks — How  to  ascertain  th£honesty  of 
clerks — Parentage — Wisdom  and  goodness — Politeness — An  anecdote — 
How  to  judge  whether  a  clerk  is  good-tempered — Fat  and  lean  men — 
Faithfulness  in  clerks — What  is  meant  by  faithfulness — A  practice  in 
some  houses  condemned — Store  libraries  advocated — Libraries  introduced 
in  the  London  banks — Salaries  of  clerks — A  commission  on  sales — A 
rule  for  the  graduation  of  salaries — Gratuities  commended — A  faithful 
clerk  is  a  tried  friend — A  man  who  forgets  those  who  have  contributed 
to  his  prosperity — Girard — What  the  Bible  says  on  the  subject.  95-122 

CHAPTER  VII. 

GETTING    MONEY    BY    MERCHANDISING — Continued. 

Buying  and  selling  :  A  striking  description  of  the  tricks  of  buyers  and  sel 
lers — The  consequences — Lying  considered — A  good  buyer  described — 
His  mode  of  proceeding — The  qualifications  of  an  expert  salesman — Hia 
great  point — A  lady's  letter,  scoring  some  Philadelphia  clerks,  and  their 
principals — An  expert  salesman's  creed — Useful  rules  to  be  borne  in 
mind — Discounts  on  merchandise — An  instance  of  the  disastrous  conse 
quences  of  a  mistake — The  best  plan — Long  and  short  credits  considered 
— A  striking  calculation,  showing  how  one  man  may  make  only  $1,728 
out  of  a  $1000  in  six  years,  while  another  may  make  $26,000  in  the  same 
time  at  the  same  per  centage  of  profit — How  to  obtain  information  of  the 
standing  of  customers — The  mercantile  agency  shown  up — The  Southern 
mode — An  old  banker's  remark — How  to  improve  the  credit  system — 
Boring — Mode  of  proceeding — The  laws  governing  sales  and  contracts:  A 
knowledge  of  the  law — The  choice  of  a  confidential  adviser — Lawyers — 
Contracts  of  two  kinds — The  legal  requisites  of  a  contract — Who  can 
make  a  contract  ? — The  sale  of  stolen  property — The  thing  sold  must  have 
an  actual  or  potential  existence — Instances  where  the  contract  is  void — 
Consideration  necessary — Exceptions — What  is  a  valuable  consideration  ? 
— Mutual  consent  requisite — A  negotiation  by  letter  when  complete — • 
When  does  the  risk  of  accident  vest  in  the  buyer? — Goods  sold  on  a  credit 
— Stoppage  in  transitu — The  legal  duty  of  the  seller — Of  the  buyer — The 
meaning  of  an  approved  bill — Is  a  seSer  bound  to  furnish  change  ? — The 
warranty  of  title — When  the  seller  is  manufacturer,  what  is  the  implied 
warranty — Express  warranties  defined — A  hint  for  buyers — The  rule  of 
caveat  emptor — The  rule  relating  to  secret  defects — A  horsejockey  not 
bound  to  disclose  that  the  horse  is  blind — The  seller  of  a  ship — Fraud- 
Statute  of  frauds — Reducing  contracts  to  writing — An  important  rule  on 
the  subject  to  be  remembered — The  meaning  of  words — Implied  contracts 
— Many  important  instances  given  where  the  law  implies  a  contract 


CONTENTS.  XV 

though  both  parties  have  not  assented  to  it — Commission  Merchants 

Transportation  companies — Bacon's  invaluable  observations  on  negotiat 
ing — When  it  is  better  to  treat  by  letter ;  when  in  person — The  choice  of 
agents — The  fittest  persons  to  deal  with — How  to  work  a  man — How  to 
deal  with  cunning  persons — Patience — Insurance :  The  morality  of  insur 
ance — A  dishonest  speculation — Causes  of  neglect — Girard — Longworth 
• — The  selection  of  an  office — The  great  fault  of  insurance  offices — Benton 
— Life  insurance :  First  life-insurance  compan}' — A  banker's  objections  to 
life-insurance — Savings-banks — Advantages  of  each — Three  kinds  of  life- 
insurance  companies — The  joint  stock  described — The  mixed — The  mu 
tual — Selection  of  an  office — Advice — A  dangerous  provision — The  best 
offices — A  short  rule  for  ascertaining  the  expectation  of  life.  123-144 

CHAPTER  VIII. 

HOW   TO    GET   CUSTOMERS. 

Different  ideas  on  the  subject — Plan  in  the  seventeenth  century — Signs — 
Fancy  signs — The  present  era — How  to  draw  customers — To  satisfy  them 
— To  induce  them  to  buy — Advantages  of  advertising — The  cost  no  im 
pediment — What  a  man  can  do  by  advertising — How  to  advertise — Changes 
in  the  power  of  the  press — How  to  build  up  a  new  business — Golden  op 
portunities — The  definition  of  politeness — Politeness  a  private  mark — 
Men  in  cities — Boors — No  trifles  in  business — Day  and  Martin — Sketch 
of  Day's  history — Embrace  opportunity — Changes  in  business  relations — 
Shylock — A  reason  why  the  Jews  are  so  successful  in  money-getting — A 
striking  statement — Firmness — Clarendon's  remark — Mistake  of  profes 
sors  of  religion — Sharp's  observation — Our  Saviour  a  polite  man — Coun 
terfeits  of  politeness — Manners — Chesterfield's  failure — The  main  thing — • 
How  to  acquire  the  habit  of  politeness — Wicked  men  impolite — Gloomy, 
melancholy  men — A  hunting  party — Friendship — How  to  make  business 
pleasant — The  deficiencies  in  politeness — Professional  men  not  polite — 
Literary  men — Why  both  are  generally  poor — Anecdote — The  prime  wis 
dom ....  145-155 

CHAPTER  IX. 

THE    TRUE    MAN    OF    BUSINESS. 

Original  Essay  by  Horace  Greeley — The  temptations  of  a  trader — Honesty 
the  best  policy,  considered — The  corner-stone  of  the  true  business  man's 
character — Who  is  the  richer  man? — WThatis  a  merchant? — Advantages 
of  commerce — The  merchant  who  dishonors  his  vocation — The  qualities 
and  capabilities  that  should  distinguish  a  merchant — Performance  of  pro 
mises — Truth  no  trifle — How  should  a  merchant  separate  his  customers — 
Credit :  who  is  entitled  to  credit,  and  who  is  not — The  main  cause  of  ex  • 


XVI  CONTENTS. 

travagance,  over-trading,  and  insolvency — The  philosopher's  stone — John 
Randolph — Selling  liquors  and  implements  of  gaming — A  merchant's  du 
ties  in  regard  to  agricultural  and  mechanical  improvement — Education, 
&c. — Buying  rare  books — Country  merchants — How  country  merchants 
may  make  themselves  and  their  neighborhood  wealthier — Religion  and 
morality  necessary  to  the  welfare  of  a  community — Why  an  atheist  or  a 
sensualist  should  inculcate  their  truths — Why  a  merchant  should  patron 
ize  the  press  in  his  locality — The  proper  mode  of  doing  it — How  a  mer 
chant  may  aid  his  customers  to  pay  for  their  goods — The  consumption  of 
Massachusetts,  compared  with  North  Carolina  or  Tennessee — The  reason 
of  the  difference — Concluding  remarks.  ....  156-164 

CHAPTER  X. 

HOW    TO    GET    RICH    BY    SPECULATION. 

A  profound  speculator  rarer  than  a  great  poet  or  general — Laws  of  specu 
lation  not  understood — The  first  rule — Timothy  Dexter — Distinction  be 
tween  speculation  and  trade — Failures — Retailer's  plan — The  rise  and  fall 
of  prices — Speculation  universal — Three  things  essential  to  a  successful 
speculator — The  best  time  for  entering  on  trade  ;  on  speculation — What 
should  you  not  speculate  in — The  proper  objects  of  speculation — The  ne 
cessary  means  to  make  a  fortune — Statistics — How  to  use  them — How  to 
manage  when  the  depreciation  of  price  continues — Anecdote  of  a  cele 
brated  Englishman — 'Hope — Cotton — Carolina  and  Georgia  newspapers — 
The  two  qualities  that  fit  a  commodity  for  speculation — Comparative  su 
periority  of  trade  and  speculation — Usefulness  of  speculation — How  to 
make  speculation  a  regular  and  safe  business — The  division  of  capital — 
No  difference  whether  prices  rise  or  fall — His  only  difficulty — Difference 
between  wholesale  trade  and  speculation — When  must  he  buy  ? — When 
must  he  sell  ? — Acting  contrary  to  appearances — Speculating  in  high  prices 
— How  to  be  safe  in  these  cases — Who  is  the  dupe  ? — Secrets — Spurzheim 
— An  American  trading  vessel — Japan — Anecdote — Valuable  hint. 

165-171 

CPIAPTER  XI. 

GETTING  MONEY — Continued. 

INTEREST,    BANKING,    PRIVATE    BANKING. 

What  is  interest  ? — On  what  does  the  rate  of  interest  depend  ? — Net  profit  of 
Capital — Who  will  own  the  property  of  the  country  ? — An  astonishing  fact 
— The  only  certain  ways  of  making  money — Secrets — The  policy  of  busi 
ness  men — The  repeal  of  the  usury  laws  considered — The  first  usury  law 
— Aristotle — Calvin — Bentham — A  letter — Squatters— Land  sales  in  the 
West — Indiana — Wisconsin — The  office  of  a  banker — Banks :  two  kinds  — - 


CONTENTS.  Svil 

Paper  money — Six  ways  to  make  money  by  means  of  bank  charters — 
The  uninitiated  instructed  in  the  secrets  of  bank  operations — Voltaire — 
Private  banks — Their  mode  of  doing  business — The  private  banks  of 
London,  of  Scotland — Private  banking  in  the  Western  States — Their  pro 
fits — Private  bankers  the  pillars  of  the  State — A  remarkable  fact — Private 
banking  in  Cincinnati — Interests  on  deposits — Rates  of  discount — Indors 
ing — A  business  recommended  by  which  fortunes  can  rapidly  be  made — 
The  principles  of  banking — T.  S.  Goodman  &  Co.  .  .  172-1SO 

CHAPTER  XII. 

GETTING    MONEY    BY   INVENTIONS,    PATENT    MEDICINES. 

Patent  office  report — The  number  of  patents  compared  with  applications — 
Bitter  disappointment — The  spirit  of  invention — Impossibility  of  knowing 
what  has  been  done — What  time  should  be  employed  in  experiments — 
Piracy — Improvements — New  fields  of  invention — Plough — Motors — 
Wants  and  agencies  to  supply  them — A  word  of  warning — Invention  a 
passion  with  some  men — Patent  Medicine  Business — The  prevalent  feeling 
— Quackery — A  history  of  the  prince  of  quacks — The  remedies  that  are 
good,  and  those  that  are  valueless — How  to  distinguish  them — Only  one 
specific  known — Designed  for  country  consumption — Mode  of  manage 
ment — A  hint  for  the  regulars — Dr.  Rush's  opinion — The  present  state 
of  the  business — Capital  required — Townsend — Advertisements — No  easy 
matter  to  introduce  a  new  curative — Druggists — Dr.  Brandreth — The 
talent  engaged  in  the  business — Dr.  Morrison's  mode  of  proceeding — 
Brandreth— Failure 181-188 

CHAPTER  XIII. 

HOW   TO    BECOME    MILLIONAIRES — OPINIONS    OF    MILLIONAIRES 

Opinions — Rothschild's  advice — His  great  rules — Three  profits — Unlucky 
men  and  places — What  it  requires  in  his  opinion  to  make  a  great  fortune 
— The  secrets  of  the  success  of  Rothschild's  banking-house — The  five 
brothers — Their  two  fundamental  maxims — David  Ricardo — A  sketch  of 
his  life — His  three  golden  rules — Stephen  Girard — His  life — Anecdotes — • 
His  opinion — John  J.  Astor — P.  T.  Barnunv  s  opinion  of  the  cause  of  his 
success — Two  valuable  rules  adopted  by  a  merchant  of  Boston — _T.  Long- 
worth,  of  Cincinnati — John  Freedley's  opinion — An  exti-act  from  his 
private  letter — John  Grigg,  of  Philadelphia— John  McDonogh's  great 
opinion — A  sketch  of  his  life  given  by  himself — A  New  Orleans  lawyer  s 
opinion  of  it — Remarks  on  it — Bacon — McDonogh's  first  rule  explained 
and  defended — The  first  clause  applicable  to  all — Independence  explained 
--Instances  of  fictitious  independence — The  cause  of  much  harsh  feeling, 


XVI 11  CONTENTS. 

and  conflict  between  classes— As  we  make  our  beds,  so  we  must  lie — The 
second  rule  explained — The  reason  why  so  many  capable  clerks  are  out 
of  employment — A  business  man's  bureau — Self-conceit — Advantages  of 
association  with  learned  and  talented  men — Men  who  are  incapable  of 
managing  a  business  for  themselves — How  capitalists  may  share  the  pro 
fits  of  a  dozen  concerns,  and  yet  be  great  benefactors — The  changes 
that  will  be  effected  by  adoption  of  this  rule — The  third  rule A  splen 
did  extract— Efficacy  of  prayer  to  attain  success — Conclusion  of  getting 
money — An  excellent  quotation.  ......  189-207 

CHAPTER  XIV. 

LOSING    MONEY — CHANCES    OF    SUCCESS — CAUSES    OF   FAILURE. 

The  custom  of  Napoleon — A  painful  duty — Lessons  to  be  learned —  Chances  of 
success  in  Boston — Dearborn's  startling  statement — A  merchant's  remarks 
— Evidence  on  the  subject — Chances  of  success  in  Philadelphia  and  New 
York — An  interesting  letter — Statistics  of  bankruptcy — Chances  in  Cin 
cinnati — Statistics  of  400  business  firms — Thoughts — Need  of  farther  sta 
tistics — Causes  of  failures — Evidence  of  official  assignees — The  causes  va 
rious — Anecdote  of  the  most  eminent  literary  man  in  the  country The 

causes  enumerated — Accidents — Bad  legislation — Unstable  legislation — 
Its  injurious  effects — The  remedy — Turner's  evidence  in  the  parliamentary 
committee — The  prominent  attribute  of  a  good  legislator — Ability  in  dis 
cussion  an  objection— The  characteristics  of  the  House  of  Commons — Bad 
habits — Intemperance  — Regular  business — Changing  plans — Subdivision 
of  employments  favorable — The  dry-goods  trade — A  good  story — Import 
ing  and  jobbing — Resident  partners  in  Europe — Anecdote  of  Zadock  Pratt 
— Extravagance  in  expenditures — How  to  account  for  it  difficult — Statistics 
of  Providence — Personal  expenses  of  some  merchants — What  may  young 
men  expect  to  do — The  meaning  of  economy — A  proper  expenditure — 
Credit — Dr.  Johnson's  remark — The  effects  of  the  credit  system — A  great 
change — Bills  of  exchange — How  easily  a  man  may  become  a  foreign  mer 
chant — Buying  wild  lands — Disappointment  of  creditors — Imprudent  spe 
culations—Mercantile  securities — The  cause  of  the  failure  of  Palmer  &  Co., 
Ferguson  &  Co.,  and  other  great  houses  in  London — Over- trading  defined 
— A  fact — Failure  of  a  marble-mason  in  Philadelphia — A  prediction — 
The  remedy  is  of  two  kinds — The  leading  cause  of  all  the  failures  we  have 
noticed — Its  remedy — Bacon's  observation — What  course  must  we  pursue 
— Advice  to  be  rejected — Anxieties  of  an  embarrassed  man — Hon.  Thomas 
G.  Gary's  remarks — How  men  may  become  rich  without  deep  anxiety— 
The  path  that  leads  speedily  to  wealth — What  can  parents  do — When 
should  a  man  fail,  considered — The  duties  of  a  man  who  finds  himself 
embarrassed — Hon.  John  Sergeant's  remarks — The  treatment  of  debtors 


CONTENTS.  XIX 

— WTiat  creditors  should  remember — The  distinction  to  be  made  between 
fraudulent  and  unfortunate  failures — Burns.  .         .         .     204-233 

CHAPTER  XV. 

SAVING,    SPENDING,    GIVING,    LENDING,    AND    BEQUEATHING   MONEY. 

Remarks — Saving  money,  should  be  intelligent  of  a  purpose  beyond — The 
danger — Justifiable  saA'ing — Parents  saying  for  their  children — Less 
danger  if  a  parent  be  saving  for  several  children  than  only  one — Two 
kinds  of  saving — Spending  money — The  art  of  living  easily — Pleasure  and 
expenditure — To  feel  a  want  before  you  provide  against  it — Too  much 
leisure — A  thoroughly  conscientious  mode  of  expenditure  laborious — Rich 
men  blamed  for  looking  to  differences  of  cost — A  mistake  of  young  men — 
Prodigality  a  vice  of  a  weak  nature — Giving  money :  All  giving  not  gene 
rous — Spurious  views — Gertrude — Anecdote — Cheerful  self-denial — The 
Choice  of  gifts — Anecdote — Gifts  from  public  bodies — Generosity  in  ac 
cepting  gifts — False  practices  of  the  present  time — Decayed  gentlewomen 
— Selling  pictures  and  poetry — What  should  a  woman  do  who  is  in  want  ? 
— Delicacy  a  strong  virtue — Charity  balls,  charity  dinners,  charity  bazaars 
condemned — For  what  purpose  does  God  send  misfortune  into  the  world, 
considered — Another  modern  mode — Careless  giving — An  important  rule 
that  is  often  overlooked — Borrowing  and  lending  :  Lending  to  friends — The 
refusal  that  is  least  apt  to  give  offence — Debtors  and  prodigals  always 
consider  themselves  injured  men — Poor  men  deserted  by  their  friends — 
The  cause  of  this — The  ordinary  course  of  things  in  embarrassment — 
Castaways — Bequeathing :  To  make  a  will,  a  duty — The  moral  right  to 
inherit,  considered — Custom — When  custom  should  be  followed — When 
disregarded — Sudden  accessions  of  wealth — Wh'at  should  a  testator  con 
sider  ? — A  good  rule — The  way  of  the  world  in  bequeathing. 

CONCLUSION.  234-252 


LETTERS  AND  MISCELLANIES. 

Several  letters  from  Hon.  John  Freedley,  and  an  extract  from 

his  address,  embracing  his  views  on  the  Tariff  question.  .  255-268 

Interesting  letter  from  J.  W.  Scott — Good  locations  for  invest 
ment  in  the  West 265-272 

Tables  showing  how  many  years  it  has  taken  for  each  of  the 
principal  towns  in  the  United  States  to  double  its  population 
within  the  last  sixty  years,  being  most  valuable  for  those  de 
siring  to  invest  in  real  estate,  or  of  changing  their  location.  .  273-270 


XX  CONTENTS. 

A  list  of  cities  and  towns  in  the  U.  S.  whose  population,  by  the 

census  of  1850,  is  10,000  and  upwards        ....  283-285 

Getting  and  losing  money  by  stock-jobbing— Rothschild         .  285-294 

Mercantile  transactions  in  Scotland 294-296 

A  Hamburg  merchant  in  his  counting-house  ....  296-302 
P.  T.  Barnum's  great  rules  for  success  in  business,  written  by 

himself  for  this  book 303-309 

A  request  to  the  reader 309-310 


LEGAL  ADVICE  AND  USEFUL  SUGGESTIONS  FOR  THE 
PURCHASERS  OF  THIS  BOOK. 

Agency  ....,...••  313-315 

Bills  of  exchange  and  promissory  notes  ....  316-321 

Guarantee  and  suretyship •  321-323 

Letters  of  credit 323-325 

Law  of  partnership 325-329 

Law  of  interest 329-330 

Miscellaneous  advice      .     '    . 330-332 

Fundamental  legal  principles 

A   FEW   USEFUL   ARITHMETICAL   RULES. 

Interest 333 

Discount 

Equation  of  payments 

Artificers'  work 335 

Bricklayers'  work 336 

Masonry 337 

Plasterers'  work 

Carpenters'  and  joiners'  work 

Slaters'  and  tilers'  work 

Painters'  and  glaziers'  work 

Paviors'  work         .  

A  LIST    OF  A  FEW  OF  THE    FlRST  CLASS    WHOLESALE    HOUSES  IN 

PHILADELPHIA    .  •  343 

A   LIST    OF   A   FEW    OF  THE  FlRST    CLASS  WHOLESALE    HOUSES  IN 

CINCINNATI •"  353 


A  PRACTICAL  TREATISE  ON  BUSINESS. 


CHAPTER   I. 
BUSINESS— INTRODUCTORY. 


"THE  philosophy  which  affects  to  teach  us  a  contempt  of  money  does 
not  run  very  deep  ;  for,  indeed,  it  ought  to  be  still  more  clear  to  the  phi 
losopher  than  it  is  to  the  ordinary  man,  that  there  are  few  things  of  greater 
importance.  And  so  manifold  are  the  bearings  of  money  upon  the  lives  and 
character  of  mankind,  that  an  insight  which  would  search  out  the  life  of  a 
man  in  his  pecuniary  relations  would  penetrate  into  almost  every  cranny  of 
his  nature.  He  who  knows,  like  St.  Paul,  both  how  to  spare  and  to  abound, 
has  a  great  knowledge  ;  for,  if  we  take  account  of  all  the  virtues  with  which 
money  is  mixed  up — honesty,  justice,  generosity,  charity,  frugality,  fore 
thought,  self-sacrifice,  and  of  their  correlative  vices,  it  is  a  knowledge 
which  goes  near  to  cover  the  length  and  breadth  of  humanity,  and  a  right 
measure  and  manner  in  getting,  saving,  spending,  giving,  taking,  lending,  bor- 
roiving,  and  bequeathing,  would  almost  argue  a  perfect  man." — TAYLOR'S  Notes 
from  Life. 

OUR  subject  is  Business,  and  our  first  inquiry  is,  What  is  Busi 
ness  ? 

Business,  in  one  sense,  means  employment  or  serious  engagement, 
in  distinction  from  trivial  transactions.  In  its  ordinary  acceptation, 
it  implies  employment,  in  some  useful  affairs,  for  the  purpose  of 
profit  or  improvement.  It  is  also  a  general  term  for  all  the  occupa 
tions  that  engage  the  daily  time,  attention,  and  labor  of  mankind  ; 
but,  in  strictness,  it  should  be  confined  to  those  which  require  skill 
and  attention  more  than  physical  labor".  It  is  a  word  that  is  derived 
from  the  German,  and,  in  its  primary  sense,  it  signifies  "  seeing  or 

(21) 


22  A    PRACTICAL    TREATISE 

closely  inspecting."  In  the  Latin,  it  denotes  self-denial  of  ease — 
nego  otium,  negotium — I  deny  myself  all  pleasure  and  self-indul 
gence  for  the  sake  of  business. 

Man  is  a  compound  of  body  and  mind.  His  nature  is  a  com 
plexity  of  the  animal  and  the  spiritual;  of  the  physical  and  the  intel 
lectual.  The  gratification  of  his  material  wants  is  the  object  of 
business  ;  science  and  literature  aid  his  intellectual  growth.  The 
business  man  cultivates,  manufactures,  gathers  together,  and  dis 
tributes  those  things  by  which  the  body  is  cherished  or  adorned ; 
the  scholar  originates,  collects,  and  furnishes  food  for  the  mind. 
Whether  the  office  of  the  latter  be  more  important  to  society  than 
the  former  is  an  inquiry  as  useless  as  whether  the  mind  is  supe 
rior  to  the  body,  both  being  essential  to  the  existence  of  a  human 
being.  A  body,  without  a  mind,  is  the  definition  of  a  corpse ;  a 
spirit,  without  a  body,  is  a  frightful  spectre.  In  determining  a 
man's  conduct  and  destiny,  too,  the  body  has  frequently  as  much 
influence  as  the  mind,  and  he  who  aspires  to  be  master  of  his  ac 
tions  must  pay  a  due  attention  to  the  regulation  of  both.  "  Fal- 
stafif  would  have  been  as  abstemious  at  the  banquet  as  a  hermit, 
and  as  firm  in  the  battle  as  a  hero,  if  he  could  have  but  gained  over 
the  consent  of  his  belly  in  the  one  case,  and  of  his  legs  in  the 
other.  He  that  strives  for  the  mastery  must  join,  a  well  disciplined 
body  to  a  well-regulated  mind ;  for  with  mind  and  body,  as  with 
man  and  wife,  it  often  happens  that  the  stronger  vessel  is  ruled 
by  the  weaker,  although,  in  moral  as  in  domestic  economy,  mat 
ters  are  best  conducted  where  neither  party  is  unreasonable,  and 
where  both  are  agreed." 

What  is  tlie  end  of  Business?  We  answer,  happiness.  The  ac 
quisition  of  property  is  subordinate  to  this  end.  Money  is  value 
less,  except  as  it  will  satisfy  wants.  Business  is  a  source  of  hap 
piness  in  several  ways.  Its  pursuit  engages,  invigorates,  and  en 
larges  the  mind ;  its  usefulness  promotes  self-respect ;  its  results, 
if  successful,  increase  the  power  of  doing  what  the  head  conceives 
and  the  heart  desires. 

The  history  of  our  race  is  the  record  of  a  long,  fruitless  chase 
after  happiness.  Men  have  traversed  the  whole  cycle  of  imaginary 
good  in  search  of  it;  they  have  sought  it  in  glory,  ambition,  fana- 


OX    BUSINESS.  23 

tieism,  pleasure,  action,  repose,  science,  philosophy,  at  the  bloody 
shrines  of  paganism  ;  on  the  sands  of  Asia,  beneath  the  banners  of 
the  Cross ;  in  the  lap  of  luxurious  indulgence ;  in  the  cloisters  of 
monks  ;  at  the  confessional  of  the  Jesuit  ;  yea,  they  have  invoked 
the  Seven  Spirits  to  teach  them  happiness ;  but,  like  the  remorse- 
stricken  hunter  of  the  Alps,  have  been  answered,  "  It  is  not  in  our 
essence — in  our  skill/'  Philosophy  was  summoned,  at  an  early 
day,  to  point  out  the  way.  For  more  than  a  thousand  years,  she 
preached  to  men  to  elevate  their  minds  above  all  physical  comforts ; 
to  contemn  all  useful  improvements  '}  to  seek  their  happiness  in  the 
study  of  abstract  science  and  metaphysical  speculation  ;  but,  alas  ! 
it  was  impossible  to  "  solve  insoluble  enigmas/'  or  attain  unattain 
able  frames  of  mind.  About  the  sixteenth  century,  a  different- 
doctrine  was  promulgated.  The  multiplication  of  human  enjoy 
ments,  and  the  mitigation  of  human  suffering,  were' held  up  as  the 
only  aim  worthy  of  philosophy ;  and  the  invention  of  things  useful, 
as  the  highest  exercise  of  intellect.  In  less  than  two  centuries, 
results  have  been  realized  that  have  outstripped  human  belief,  as 
they  have  surpassed  human  experience.  The  progress  of  the  age 
is  a  term  as  familiar  in  the  lonely  cabins  of  the  West,  as  in  the 
Academy  of  Sciences.  And,  in  so  far  as  happiness  depends  on  the 
earnest,  energetic  engagement  of  the  mind  in  any  pursuit ;  on  per 
sonal  freedom;  on  good  laws;  on  increased  duration  of  life;  on 
the  mitigation  of  pain ;  on  improvements  in  the  healing  art;  on 
facilities  of  locomotion  and  correspondence ;  on  the  comforts  and 
conveniences  of  life,  this  new  philosophy  has  contributed  greatly 
to  the  happiness  of  mankind. 

It  is  a  matter  of  deep  regret  that  so  many  of  those  who  are  fitted 
by  nature  and  education  to  be  profitable  instructors  of  mankind 
have  so  often  seen  proper  to  speak  disparagingly  of  those  employ 
ments  which  are  embraced  in  the  term  business.  Sordid,  low,  base, 
selfish,"  grovelling,  are  the  mildest  epithets  they  have  used  when 
speaking  of  industrial  pursuits ;  and  a  harsh  necessity,  from  which 
men  should  escape  as  speedily  as  possible,  is  the  best  apology  they  can 
make  for  them.  "  A  mere  merchant!  a  mere  man  of  business  !  who 
would  be  content  with  such  a  designation  ?  What  respect  can  one 
feel  for  such  a  character?"  says  a  distinguished  divine,  who  makes 


24  A    PRACTICAL    TREATISE 

$3500  per  annum  out  of  his  moral  and  religious  sentiments  This 
is  the  spirit  of  that  old  philosophy  which,  like  those  "  Roman  ma 
trons  who  swallowed  abortives  in  order  to  preserve  their  shapes, 
took  pains  to  be  barren  for  fear  of  being  homely."  It  is  to  be  re 
gretted,  because  it  tends  to  lower  the  character  of  business  pursuits 
in  the  public  estimation;  and  many  who  engage  in  them  will  think 
of  nothing  but  accommodating  themselves  to  the  course  of  conduct 
pointed  out,  and  laying  the  blame  of  their  selfishness  and  miscon 
duct  on  the  business,  when  injustice  it  should  fall  upon  themselves. 
Why  should  business  pursuits  be  stigmatized  as  low?  In  the  lite 
rature  of  all  countries  and  of  all  ages,  idleness  has  been  held  up  as 
the  parent  of  vice.  "  A  busy  man/'  says  a  Turkish  proverb,  "  is  trou 
bled  with  but  one  devil,  an  idle  man  with  a  thousand."  "  Men  are 
usually  tempted  by  the  devil,"  runs  a  Spanish  proverb;  "but  an  idle 
man  positively  tempts  the  devil."  But  if  idleness  were  a  virtue,  it 
is  impracticable.  Mind  cannot  exist  inactively ;  it  must  be  engaged 
in  something  good  or  evil,  while  the  body  is  awake.  The  body, 
too,  is  framed  for  action,  and,  without  it,  sinks  speedily  into  decay. 
In  what,  then,  can  body  and  mind  be  better  engaged  than  in  some 
one  of  those  employments  which,  while  they  afford  both  an  agree 
able  exercise,  at  the  same  time  cure  the  ground  of  the  curse  which 
fell  upon  it,  and  cause  the  earth  to  "  breathe  and  bloom  again  with 
the  flowers  and  fruits  of  Paradise  ?"  What  will  more  contribute 
to  general  or  individual  happiness  ?  Is  it  religion  or  knowledge  ? 
Religion  is  an  essential  element  of  happiness.  Without  it,  a  man 
cannot  enjoy  any  real  happiness,  though  ho  may  have  the  intellect 
of  a  Milton,  and  the  wealth  of  a  Croesus.  The  happiness  of  an 
irreligious  man  who,  nevertheless,  believes  in  the  existence  of  a 
Great  First  Cause — in  the  immortality  of  the  soul — in  the  truth 
of  the  Christian  revelation — is  that  of  the  criminal  under  sentence 
of  execution,  or  of  him  who  stands  totteringly  on  the  edge  of  an 
abyss  into  which  a  breath  of  wind  may  plunge  him.  He  feels  the 
weight  of  an  impending  doom — he  has  no  resource  in  affliction — 
no  consolation  in  adversity.  But  religion,  though  indispensable,  is 
not  all-sufficient  for  happiness  in  this  life.  Man  was  not  created  to 
spend  his  whole  time  in  fasting  and  prayer.  A  recluse,  it  is  said, 
living  in  the  early  ages  of  Christianity,  betook  himself  to  a  cave  in 


ON    BUSINESS.  25 

Upper  Egypt,  which,  in  the  time  of  the  Pharaohs,  had  been  a 
depository  of  the  mummies,  and  there  lived  to  pray,  to  converse 
with  the  spirits  of  the  dead,  to  mortify  himself,  eating  only  dates, 
and  drinking  only  the  water  of  the  Nile.  At  length,  becoming 
weary  of  life,  he  prayed  one  day  more  fervently  than  ever,  and 
then,  sinking  exhausted  into  a  profound  sleep,  there  appeared  to 
him  a  vision  of  an  angel  in  a  dream,  commanding  him  to  rise,  and 
cut  down  a  neighboring  palm-tree  and  make  a  rope  of  its  fibres, 
after  which  the  angel  promised  to  appear  to  him  again.  Upon 
awaking,  the  hermit  instantly  resolved  to  obey  the  vision,  and, 
travelling  for  many  days  from  place  to  place,  in  search  of  an  axe, 
he  found  himself  happier  than  he  had  been  for  many  years.  His 
prayers,  though  shorter  and  fewer  than  those  he  had  been  accus 
tomed  to  offer,  out-measured  them  in  fervor  and  effect.  Having 
returned  with  the  axe,  he  cut  down  the  tree,  and  with  much  labor 
and  assiduity  for  a  long  time  prepared  the  fibres  to  make  the  rope, 
and,  by  daily  occupation,  after  some  weeks  he  had  completed  the 
command.  According  to  promise,  the  celestial  visitor  that  night 
appeared  again,  and  said:  "Dominico,  thou  art  now  no  longer 
weary  of  life,  but  happy.  Know,  then,  that  man  was  made  for  labor 
as  well  as  for  prayer,  the  one  being  not  less  essential  to  his  welfare 
than  the  other.  Arise  in  the  morning,  take  the  cord,  gird  up  thy 
loins,  go  forth  into  the  world,  and  let  it  be  a  memorial  to  thee  that 
God  expects  from  man,  if  he  would  be  happy,  a  course  duly  ad 
justed  both  to  his  animal  and  to  his  spiritual  nature." 

Knowledge  is  a  source  of  happiness.  Every  advance  in  intelli 
gence  that  brings  man  in  closer  communion  with  the  source  of  all 
true  knowledge — every  new  faculty  discovered  or  called  into  wil 
ling  activity — every  idea  that  gives  a  clearer  comprehension  of  the 
mysteries  of  the  visible  world,  or  the  still  greater  mysteries  of  the 
human  mind — is  an  increase  of  happiness.  But  knowledge,  with 
out  purity  of  heart,  is  a  snare ;  and  knowledge  that  cannot  be 
applied  to  usefulness  promotes  wretchedness  and  temptation.  <(  A 
man  intellectually  cultivated  must  be  either  a  patient  saint,  or  a 
gloomy  misanthrope,  if  placed  by  the  selfishness  of  society,  or  his 
own  will,  in  such  a  position  that  he  cannot  profitably  or  happily 
apply  his  knowledge.  He  may  be  able  to  interpret  the  eloquence 

3 


26  A   PRACTICAL   TREATISE 

of  nature,  and  look  out  amongst  the  stars  with  a  feeling  of  the 
infinite  glories  of  heaven,  but  yet  he  lies  buried  in  the  earth  with 
all  his  burning  thoughts.  He  feels  the  darkness,  the  uselessness, 
and  rottenness  of  death,  because  he  lives  in  the  consciousness  of 
all  that  might  have  been  for  him,  and  ought  to  have  been  for  him  ; 
but  that,  although  awakened  into  earnestness  by  the  urgencies  of 
his  own  nature,  and  by  the  affected  officiousness  of  artificial  teach 
ers,  he  is  still  left  to  shift  for  himself,  though  imprisoned  in  pov 
erty,  as  if  in  cold  iron,  stone,  and  gloom.  Such  is  the  lot  of 
many  a  classic  mind,  to  whom  l  the  ploughman  whistling  o'er  the 
lea'  is  a  prince.  And  the  reason  of  this  misery  is  in  the  fact  that 
the  knowledge  which  has  nothing  to  do  with  daily  employments, 
induces  pride,  false  or  unnatural  taste,  and  makes  the  world  a  wil 
derness,  because  the  heathen  gods  have  been  banished,  and  the 
vale  of  Tempe  requires  tillage,  that  its  inhabitants  may  eat.  And 
all  kinds  of  education  are  equally  maddening  that  do  not  give 
vigor  and  liberty  to  human  sympathies,  or  induce  a  disposition  to 
labor,  and  make  demand  for  it.  There  is  no  happiness  without 
action :  and  he  who,  from  the  state  of  his  mind  or  the  style  of  his 
ideas,  or  the  mismanagement  of  monopolists,  cannot  get  to  work, 
might  as  well  be  palsied,  or  in  the  penitentiary.  Nothing  but  the 
strong  hold  on  the  right  hand  of  God,  as  the  vindicator  of  the  op 
pressed,  and  the  omnipotent  opener  of  prisons  and  graves,  can 
comfort  the  man  who  knows  and  wills,  and  cannot  act."* 

A  man  who  desires  to  make  a  wise  disposition  of  his  time,  should 
so  regulate  it  as  to  give  each  of  these  great  sources  of  happiness — 
religion,  knowledge,  and  business — its  proportionate  share  of  his 
attention,  and  not  allow  his  mind  to  become  absorbed  in  any  one 
of  them  to  the  exclusion  of  the  others.  It  is  a  union  that  is  emi 
nently  practicable,  and  the  result  will  be  happiness.  The  idea 
that  an  energetic  devotion  to  business  in  its  time  and  place  is  in 
compatible  with  a  high  degree  of  moral  culture  or  intellectual 
ability,  is  entirely  erroneous.  On  the  contrary,  a  man  must  pos 
sess  great  strength  of  moral  principle  and  an  enlarged  intellect  to 
carry  on  an  extended  business  with  a  reasonable  hope  of  success. 

*  Moore's  "  Man  and  bis  Motives." 


ON    BUSINESS. 


27 


Business  is,  in  truth,  a  test  of  virtue,  a  fiery  furnace  to  principle.  - 
He  who  passes  his  days  in  studious  ease,  holding  converse  with  the 
spirits  of  the  great  dead,  or  meditating  on  abstract  truths,  and 
sees  life  only  through  the  windows  of  his  study,  knows  nothing  of 
trial,  or  danger,  or  temptation.  He  may  be  a  swindler,  or  a  forger, 
or  a  murderer  like  "Webster,  and  never  suspect  it.  But  no  man  can 
spend  many  years  in  business  without  developing  his  character  to 
his  own  conscience  at  least,  if  not  to  the  knowledge  of  the  world. 
If  he  is  a  man  of  weak  wit,  he  will  become  an  habitual  liar  j  if  a 
man  of  lax  moral  principle,  he  will  become  a  rogue,  and  conse 
quently  a  bankrupt.  If  his  conscience  tells  him  that  he  is  still  a 
man  of  moral  uprightness,  he  need  fear  no  other  trial.  Let  him 
who  desires  to  test  the  strength  of  his  principles,  or  improve  his 
moral  nature  by  wholesome  discipline,  embark  in  trade.  Let  him 
who  considers  himself  a  skilful  arbitrator  or  adjudicator  of  nice 
questions  in  morals  or  metaphysics,  place  himself  in  a  position 
where,  every  day  of  his  life,  he  must  adjust  those  in  which  he 
himself  is  an  interested  party.  Let  him  who  thinks  himself  a 
proficient  in  moral  or  mental  arithmetic,  try  calculating  a  problem 
in  which  his  liberty,  his  home,  his  fortune,  are  involved.  Let  him 
who  is  firmly  convinced  from  study  and  reflection,  that  business 
does  not  call  for  intellectual  ability,  that  "  any  fool  can  get  money," 
embark  his  all  in  some  credit  business ;  and  if  he  does  not  pray, 
before  the  fourth  of  November,  that  whole  hecatombs  of  dead  au 
thors  may  bury  him  from  the  sight  of  living  men,  we  will  recon 
sider  our  opinion.  That  trade  is  a  severe  trial  to  virtue — too 
severe  for  the  endurance  of  all  men — is  no  proof  that  it  is  unfavor 
able  to  moral  growth.  Life  is  a  probation,  and  business  may  be 
designed  as  a  means  of  perfecting  the  moral  nature.  But  it  is  a 
proof  that  science  and  religion  should  come  down  from  their  "starry 
heights,"  and  aid  the  poor  sons  of  toil  in  their  daily  trials — that 
wisdom  should  make  known  not  general  principles  merely,  but 
rules  that  will  be  applicable  to  individual  cases  as  they  arise.  It  is 
a  proof  that  preachers  should  preach  a  practical  religion,  and 
teachers  teach  a  practical  knowledge. 

The  social  progress  of  mankind  and  physical  improvement  of 
the  world,  are  entirely  dependent  on  the  accurate  discovery  and 


28  A    PRACTICAL    TREATISE 

universal  dissemination  of  those  principles  that  make  industry 
productive  and  business  successful.  The  steam-engine  has  been 
called  a  democrat.  We  would  call  it  a  radical  reformer.  It  is 
destined  to  achieve  as  grand  results  in  the  moral  and  political 
world  as  it  has  in  the  material — to  annihilate  evils,  as  it  has 
annihilated  distance. *  There  is  no  great  social  evil,  that  I  can 
think  of,  that  will  not  disappear  when  the  laws  that  make  in 
dustry  most  productive  arc  understood  and  applied  to  practice. 
The  condition  of  the  poor  in  our  large  cities,  none  can  reflect 
upon  without  sorrow.  But  are  there  not  millions  of  acres  of  un 
cultivated  land  in  the  globe  ?  Are  there  not  hundreds  of  thou 
sands  of  farmers  who  would  be  richer  men  if  they  employed 
more  labor  ?  Circulate,  then,  a  knowledge  of  the  true  principles 
of  business ;  convince  farmers  that  labor  will  and  must  pay,  and 
soon  the  demand  for  labor  will  be  greater  than  the  supply. 
There  will  be  agents  in  all  the  large  cities,  whose  business  it 
will  be  to  procure  laborers  for  the  country.  One  tenth  of  the 
additional  income  that  men  might  have,  if  they  were  wise  in  their 

*  Extract  from  Cisfs  Cincinnati  in  1851. — "The  time  consumed  in  seed 
ing,  tending,  and  harvesting  the  cereal  crops,  embraces  about  one- half  the 
year :  if  not  in  idleness,  then,  during  the  remainder  of  it,  the  laborer  has 
to  seek  other  employments  than  on  the  land.  The  grain  crop  is  sown  and 
gathered  during  the  months  of  April,  May,  June,  July,  August,  September, 
and  part  of  October  ;  this  includes  corn.  The  cotton  crop  is  seeded  in  the 
spring,  and  gathered  during  the  late  fall  and  winter  months.  Now,  let  the 
great  reduction  take  place  which  I  predict  in  the  cost  of  locomotion;  let 
the  passage  between  this  city  and  Charleston  come  down,  as  I  predict  it 
will,  to  five  dollars,  and  to  intermediate  points  in  the  same  proportion ;  and 
let  the  time  consumed  in  the  trip  be  within  my  estimate,  say  thirty-six 
hours  to  Charleston,  who  will  gather  the  cotton  crop  ?  What  becomes  of  slavery 
and  slave  labor,  when  these  northern  hordes  shall  descend  upon  the  fair  fields  of  the 
sunny  South  ?  No  conflict,  no  interference  with  Southern  institutions  need 
be  apprehended ;  the  unemployed  northern  laborer  will  simply  underwork 
the  slave  during  the  winter  months,  and,  when  the  crop  is  gathered,  return 
to  his  home.  It  is  known  that  the  labor  required  to  gather  the  cotton  crop, 
as  compared  with  that  to  plant  and  tend,  is  as  about  four  to  one ;  that  is, 
one  man  can  plant  and  tend  as  much  as  four  can  gather."  "  The  English 
harvest  is  gathered  by  Irish  laborers,  many  hundreds  and  thousands  of 
whom  cross  the  Channel  every  year  for  that  purpose." 


ON   BUSINESS.  29 

business  pursuits,  would  support  all  the  unfortunate  poor  in  the  - 
United  States,  and  perhaps  the  world. 

Our  main  reliance,  in  the  moral  progress  of  mankind,  is  found 
in  those  means  which  aim  at  the  elevation  of  the  business  charac 
ter.  When  men  discover  the  great  truth  that  no  man  is  wise  or 
safe  but  he  that  is  honest ;  when  they  perceive  clearly  that  virtue 
and  knowledge  will  improve  their  chances  of  success  in  this  life, 
and  promote  their  present  as  well  as  future  happiness,  they  will 
not  neglect  the  acquisition  of  knowledge,  nor  delay  the  practice  of 
virtue.  There  is  an  identity  of  interest,  a  mutual  dependence,  ah 
intimate  relationship  between  all  things  that  are  good,  and  busi 
ness  prepares  the  way  for  the  favorable  reception  of  truth — as  Truth, 
Virtue,  and  Knowledge  are  the  best  friends  of  business.  Idleness 
is  a  foe  to  virtue,  and  business  conquers  idleness.  Poverty  is  an 
evil :  but,  in  the  house  of  the  industrious  man,  "  want  may  look 
in,  but  dares  npt  enter."  Charity  is  a  virtue,  and  business  gives 
the  means  as  well  as  the  disposition  to  be  charitable.  Public  spirit 
is  a  virtue,  and  it  flourishes  best  where  trade  is  most  respected. 
Honesty  is  a  virtue,  and  the  more  nations  are  commercial,  the  • 
more  honest  they  are  in  their  dealings.  Patriotism  is  a  virtue,  and 
it  exists  in  its  purest  vigor  where  men  are  free  to  get  property,  and 
where  laws  protect  property.  War  is  an  evil ; — it  is  the  same 
"  man-slaying,  blood-polluted,  city-smiting  god"  now  as  in  the  days 
of  Homer;  and  we  believe  the  genius  of  Commerce  alone  can 
effectually  stay  the  ravages  of  the  sword.  Commerce,  an  important 
branch  of  business,  extends  civilization,  equalizes  the  comforts  of 
life  in  all  parts  of  the  globe,  circulates  valuable  discoveries  in  the 
arts  and  sciences,  and  stimulates  invention.  It  is  favorable  to  es 
tablishments  of  learning  and  religion,  and  every  where  it  is  identi 
fied  with  improvement — improvement  in  mind  and  manners — 
"  improvement  in  arts  and  letters-»-iniprovement  in  knowledge,  in 
morals,  in  legislation,  in  laws,  in  liberty;  and  in  all  improvement 
it  has  led  more  than  it  has  followed ;  it  has  been  the  pioneer  mUch 
more  than  the  fellow  and  companion  of  human  advancement  and 
civilization." 

But  it  is  needless  to  defend  industrial  pursuits  from  the  attacks 
of  the  censorious,  or  enlarge  upon  the  benefits  they  have  conferred 
upon  society.  We  have  full  faith  in  the  truth  of  the  populai 


30  A   PRACTICAL   TREATISE. 

notion  that  poverty  is  an  evil,  and  wealth  a  blessing;  but,  at  the 
same  time,  we  hold  that  individual  wealth  is  a  reward  too  uncer 
tain  of  attainment  to  be  made  an  object  of  primary  consideration, 
j  No  one  who  has  become  very  rich  can  say,  in  strict  truth,  that  he 
"made  his  own  money;"  for  no  other  man,  by  doing  exactly  as  he 
did,  will  arrive  at  the  same  goal.  Wealth  may  be  compared  to 
those  birds  that  smell  the  hunter  afar  off,  and  fly  from  his  ap 
proach,  while  sometimes  an  ordinary  traveller  may  knock  them 
down  with  his  cane.  The  first  great  step  in  life  is  to  form  rational 
ideas  of  happiness — ideas  worthy  of  immortal  beings.  We  have 
the  lamp  of  the  world's  experience  and  the  Book  of  Wisdom  to 
guide  us,  and  we  need  not  err.  Independence  is  certainly  attain 
able  by  adhering  to  the  laws  of  trade ;  a  reasonable  degree  of  hap 
piness  is  attainable  by  the  right  management  of  business ;  but  all 
that  can  be  done  by  any  one  towards  acquiring  wealth  is  to  place 
himself  in  the  way  of  favorable  junctures,  and  make  himself  ready 
for  their  approach ;  to  descry  opportunities  at  a  distance,  and  keep 
his  eye  steadily  upon  them — watch  all  the  motions  that  make 
towards  them — and  when  the  time  comes,  to  lay  fast  hold,  and 
never  let  go ;  and,  secondly,  not  to  turn  aside  the  favorable  train 
of  circumstances  that  may  have  been  laid  for  him,  by  his  own  wil- 
fulness,  imprudence,  or  unskilfulness.  All  that  can  be  done  by 
books,  and  it  is  all  that  need  be  done,  is  to  aid  the  judgment  in 
distinguishing  appearances,  and  to  collect  together  those  principles 
which  have  generally  resulted  in  good  fortune,  and  those  which 
have  led  to  ruin.  A  moderate  desire  of  gain  is  indispensable  to 
the  coolness  of  judgment  which  can  decide  upon  the  probability  of 
events  or  appreciate  principles.  And  he  who  thus  consults  his  true 
happiness  will  find  favor  in  the  sight  of  his  Creator,  who  delights 
in  the  happiness  of  his  creatures ;  will  be  preserved  from  many 
dangers  and  temptations ;  and  will  probably  find  that  those  means 
which  he  has  taken  to  promote  or  secure  his  happiness  have  at  the 
same  time  contributed  to  his  worldly  prosperity. 

It  is  the  design  of  this  humble  treatise  to  open  the  field  of  busi 
ness  to  the  view  of  those  who  have  only  a  general  notion  of  it ; 
and,  if  possible,  to  contribute  something  that  will  make  men  more 
successful  in  the  attainment  of  happiness,  and,  so  far  as  it  depends 
upon  themselves,  in  the  acquisition  of  wealth. 


ON   BUSINESS.  31 


CHAPTEK    II. 
BUSINESS  EDUCATION—CHOICE  OF  A  BUSINESS. 

"  IT  is  the  great  advantage  of  a  trading  nation  that  there  are  few 
in  it  so  dull  and  heavy,  who  may  not  be  placed  in  stations  of  life 
which  may  give  them  an  opportunity  of  making  their  fortune/' 
says  Addison,  truly  :  but,  while  any  one  may  be  a  man  of  business, 
who  is  legally  competent  to  make  a  contract,  and  while  all  can  find  in 
a  flourishing  community  stations  suited  to  their  talents  and  disposi 
tion  ;  to  carry  on  an  extended  business  successfully,  requires  powers 
of  thought,  and  capabilities  of  endurance,  and  a  vigor  of  constitution 
that  few  possess.  Business  is  a  "  death  potion"  to  many ;  and  a 
more  unhappy  situation  than  the  incongruity  between  the  business 
and  the  capacity,  can  scarcely  be  imagined.  It  is  a  life-long  tor 
ment,  for  which  there  is  hardly  a  remedy,  as  a  change  of  business 
or  profession  seldom  succeeds.  The  world  argues  that  he  who  has 
failed  in  his  first  profession,  to  which  he  had  devoted  "  the  morning 
of  his  life  and  the  spring-time  of  his  exertions,"  is  not  the  most 
likely  person  to  master  a  second.  It  is  proper,  therefore,  to  glance 
at  the  best  temperament  for  a  man  of  business — the  most  suitable 
education — and  suggest  a  few  thoughts  that  should  have  influence 
in  the  choice  of  a  business  or  profession. 

I.  It  has  been  frequently  remarked — and  a  late  author*  has  ex 
pressed  it  the  most  forcibly — that  the  best  temperament  for  great 
affairs  is  "  a  combination  of  the  desponding  and  the  resolute ;  or, 
as  I  had  better  express  it,  of  the  apprehensive  and  the  resolute. 
Such  is  the  temperament  of  great  commanders.  Secretly  they  rely 
upon  nothing  and  upon  nobody.  There  is  such  a  powerful  element 
of  failure  in  all  human  affairs,  that  a  shrewd  man  is  always  saying 

*  Companions  of  my  Solitude. 


32  A    PRACTICAL    TREATISE 

to  himself,  What  shall  I  dv,  if  that  which  I  count  upon  does  not 
come  out  as  I  expect  I  This  foresight  dwarfs  and  crushes  all  but 
men  of  great  resolution." 

These  are  wise  words.  He  who  has  an  abiding  confidence  in  his 
good  fortune — who  is  sure  that  all  will  end  well — that  it  matters 
little  what  he  does,  the  result  will  be  favorable — has  the  most 
happy  disposition  ;  but  it  is  not  a  temperament  that  fits  him  for 
great  deeds.  And  a  man  who  wants  resolution  to  try,  to  try  again, 
will  be  certain  never  to  do  even  moderate  deeds.  A  combination 
of  the  apprehensive  and  the  resolute  is  especially  necessary  in  the 
pursuit  of  wealth.  Fortune  is  proverbially  fickle  ;  business  success 
cannot  be  guaranteed ;  and  he  who  suffers  his  mind  to  dwell  upon 
his  future  greatness — who  indulges  in  visions  of  magnificence  and 
power,  and  allows  the  love  of  money  to  become  closely  entwined 
around  his  heart — will  be  tempted  to  overleap  himself,  or  be  lulled 
into  a  fatal  security  from  which  he  will  awake  to  find  his  happiness 
gone  forever  with  his  dreams.  But  the  true  business  man  thinks 
not  of  the  end ;  as  there  is  a  "  powerful  element  of  failure  in  all 
human  affairs,"  he  will  probably  fail ;  but  he  is  determined  to  try, 
and  will  leave  no  stone  unturned  that  will  give  probability  of  success. 
His  thoughts  are  on  the  means,  and  not  on  the  end ;  he  wishes  to 
hear  of  the  dangers  of  the  road,  and  the  means  by  which  they  can 
be  escaped,  and  not  flattering  tales  of  doubtful  success.  If  he  fail, 
as  fail  he  may,  he  has  a  reserve  at  hand  which  he  can  fall  back 
upon,  without  being  bankrupt  in  happiness  as  well  as  fortune. 

II.  An  education  that  can  be  called  practical  must  be  directed 
to  two  objects — the  cultivation  of  the  senses,  and  the  discipline  of 
the  mind  by  such  studies  as  will  also  be  useful  in  themselves.  It 
is  needless  to  remark  how  important  a  part  the  senses  perform  in 
dealing  with  material  objects.  They  are  the  instruments  by  which 
experiments  are  to  be  observed,  and  discoveries  to  be  made ;  and 
in  trade,  perhaps  one-half  of  the  superiority  which  some  manifest 
over  others  is  to  be  ascribed  to  greater  accuracy  of  taste,  smelling, 
sight,  or  feeling.  Who  has  not  been  struck  with  admiration  at  the 
accurate  observation  of  the  Indian  by  which  he  can  retrace  his  steps 
in  the  most  trackless  wild  ?  Who  has  not  felt  it  would  be  an  ad 
vantage  to  possess  the  blind  man's  acuteness  of  touch  ?  "  Man- 


ON   BUSINESS.  33 

kind/'  says  Dr.  Hook,  "  have  by  their  ingenuity  wonderfully 
assisted  the  sense  of  sight  and  hearing,  and  have  prolonged  to  age 
the  advantages  of  youth,  but  it  remains  for  them  to  bring  their 
senses  to  the  highest  state  of  perfection  and  activity  by  judicious 
cultivation.  It  is  worth  remarking  that  even  common  artisans, 
not  distinguished  by  any  superiority  of  intellect,  have,  by  exercise 
and  patience,  brought  some  of  their  senses  to  a  degree  of  perfection 
truly  astonishing.  The  exercise  of  the  senses  is  naturally  pleasurable 
to  children,  and  may,  therefore,  be  easily  promoted  and  improved, 
and  in  distinguishing  smell,  colors,  taste,  and  the  touch  of  various 
things,  the  pupil  will  soon  become  expert  if  he  have  a  sufficient 
supply  of  visible  and  tangible  objects  on  which  to  exert  his  attention." 
This  is  a  subject,  then,  which  should  receive  the  attention  of  parents; 
and  in  childhood,  instruction  may  be  combined  with  amusement. 

The  discipline  of  the  mind  is  a  work  of  longer  time,  and  more 
difficult  attainment ;  but  cultivation  will  effect  it.  The  mind  is 
naturally  like  a  colt,  wild  and  ungoverned.  It  must  be  broken  to 
the  bit,  and  familiar  with  the  rein.  The  great  cardinal  powers, 
Attention,  Abstraction,  Perception,  Memory,  Judgment,  are  in  a 
great  degree  dependent  for  their  growth  and  power  on  culture. 
This  constitutes  the  great  difference  between  the  reason  of  man  and 
the  instinct  of  brutes.  They  arrive  at  a  certain  point  in  know 
ledge,  and  there  stop.  The  beaver  displays  no  more  originality  in 
the  construction  of  his  dam  in  our  Western  forests  now  than  he 
did  before  Columbus  landed  on  our  shores.  The  swallow  builds 
her  nest  no  more  skilfully  now  than  she  did  before  the  flood.  But 
the  human  intellect  is  susceptible  of  unlimited  improvement,  and 
makes  the  accumulated  knowledge  of  the  past  the  starting-point  of 
future  discoveries. 

It  is  fortunate  that  those  studies  which  best  discipline  the  mind 
are,  in  themselves,  eminently  practical  and  useful.  The  Physical 
Sciences,  Natural  Philosophy,  Mathematics,  Chemistry,  unfold 
and  exercise  the  mental  powers  to  habits  of  attention,  method, 
and  right  trains  of  reasoning,  and  at  the  same  time  instruct  how 
to  investigate  the  powers  of  nature,  the  properties  of  material 
bodies,  their  action  one  upon  another,  and  explain  the  qualities 
of  those  substances  which  the  Creator  has  intended  for  the  use 


34  A   PRACTICAL   TREATISE 

and  happiness  of  man.  The  excellent  Dr.  Barrow  says  of  the 
mathematics  :  "  They  effectually  exercise,  not  vainly  delude,  nor 
vexatiously  torment  studious  minds  with  obscure  subtleties,  but 
plainly  demonstrate  every  thing  within  their  reach,  draw  certain 
conclusions,  instruct  by  profitable  rules,  and  unfold  pleasant  ques 
tions.  These  disciplines  also  enure  and  corroborate  the  mind  to 
a  constant  diligence  in  study ;  they  wholly  deliver  us  from  a  cre 
dulous  simplicity,  and  most  strongly  fortify  us  against  the  vanity 
of  scepticism ;  they  effectually  restrain  us  from  a  rash  presump 
tion,  most  easily  incline  us  to  a  due  assent,  and  perfectly  subject 
us  to  the  government  of  right  reason." 

It  may  be  worthy  of  remark  that  the  most  of  those  who  have 
been  distinguished  in  practical  affairs  have  also  been  noted  for  their 
love  of  mathematical  studies.  Bonaparte  was  an  eminent  example. 
Even  the  classical  Everett,  notwithstanding  his  love  of  the  ancient 
founts  of  poetry  and  eloquence,  is  compelled  to  admit  that  in  Eng 
land  it  has  been  observed  of  the  study  of  the  law — though  the 
most  difficult  parts  of  its  learning,  with  the  interpretation  of  the 
laws,  the  comparison  of  authorities,  and  the  construction  of  instru 
ments  would  seem  to  require  philological  and  critical  training; 
though  the  weighing  of  evidence  and  the  investigation  of  probable 
truth  belong  to  the  province  of  the  moral  sciences,  and  the  pecu 
liar  duties  of  the  advocate  require  rhetorical  skill — yet  "  that  a 
large  proportion  of  the  most  distinguished  members  of  the  profes 
sion  has  proceeded  from  the  University,  that  of  Cambridge,  most 
celebrated  for  the  cultivation  of  mathematical  studies." 

Chemistry  should  receive  especial  attention  in  a  course  of  practi 
cal  education.  As  the  profits  in  the  old  channels  of  business  be 
come  more  and  more  reduced  by  competition  and  other  causes,  we 
must  look  to  Chemistry  to  discover  new  myies  of  wealth ;  as  fertile 
land  becomes  scarcer,  we  must  look  to  Chemistry  to  teach  us  how 
to  cultivate  the  field  and  the  garden  so  as  to  secure  the  utmost  in 
quantity,  and  the  best  in  quality,  of  their  inestimable  productions. 
The  annals  of  one  of  the  early  revolutions  in  France  furnish  a  re 
markable  instance  of  the  resources  of  Chemistry  in  times  of  difficulty. 
The  ports  of  France  wore  blockaded ;  her  commerce,  on  which  she 
depended  for  her  supplies  of  saltpetre,  was  interrupted ;  her  manu- 


ON    BUSINESS.  35 

factories  were  idle,  and  her  soldiers  useless  for  want  of  ammunition. 
In  this  distress,  the  ministers  called  upon  the  chemists  to  devise 
some  means  of  relief,  and  they  quickly  informed  them  of  the  im 
mense  quantities  of  saltpetre  which  nature  had  deposited  in  her 
bosom  ;  and  that  animal  and  vegetable  substances,  the  refuse  of 
cow-houses  and  aviaries,  would  yield  still  greater  quantities. 

Of  languages,  the  German  and  the  Spanish  are  the  most  likely 
to  be  useful.  The  German  emigration  into  this  country  is  im 
mense.  As  many  as  five  hundred  emigrants  arrive  in  one  day 
at  the  port  of  New  York,  and  in  the  year  1847,  fifty  thousand 
landed  at  that  one  port.  These  men  become  American  merchants  and 
mechanics.  Pennsylvania  and  Ohio  number  their  German  citizens 
by  hundreds  of  thousands.  They  are  generally  noted  for  their 
frugal  habits,  prompt  payments,  and  their  custom  is  desirable. 
Many  a  man  who  has  become  wealthy  can  ascribe  his  early  success 
to  the  sole  advantage  of  possessing  a  knowledge  of  the  German  lan 
guage.  And,  as  the  public  mind  is  now  earnestly  attracted  towards 
Cuba,  Mexico,  California  and  the  South  American  provinces,  and 
it  may  fall  to  the  lot  of  any  one  to  go  there,  it  will  not  be  an 
unwise  precaution  to  acquire  a  knowledge  of  the  Spanish  lan 
guage. 

How  to  obtain  a  practical  education — is  a  question  that  admits 
of  but  one  answer.  "  Every  thing  is  bought  with  a  price  :"  and 
the  price  of  an  education  is  vigilance  and  self-labor.  Journey 
men  of  the  rarest  skill  cannot  do  the  work.  Mind  acknowledges 
no  maiter  but  Will;  it  attains  its  maximum  of  strength  by  ono 
process  only — intense  thought.  Every  one  whose  mind  is  disci 
plined  to  obedience  and  stocked  with  knowledge  holds  his  acqui 
sitions  by  the  best  of  titles,  and  can  call  it  emphatically  his  own 
work.  Self-cultivation,  therefore,  is  the  only  cultivation  worthy 
of  the  name.*  Books,  teachers,  schools,  colleges  are  only  means 

*  I  may,  perhaps,  frequently  take  occasion  to  furnish  extracts  from  pri 
vate  letters  of  the  Hon.  John  Freedley,  deceased,  late  member  of  Congress 
from  the  Fifth  Pennsylvania  Congressional  District.  Mr.  F.  began  life  with 
no  advantages  of  a  school  education,  and  with  no  capital  but  his  "  head  and 
hands."  By  self-cultivation  he  accomplished  his  mind  to  a  degree  perhaps 
unsuspected  by  any  but  his  intimate  friends ;  and  his  capital  he  turned  to 


36  A   PRACTICAL    TREATISE 

that  render  the  work  less  difficult — they  surround  the  student 
with  an  intellectual  atmosphere  that  prepares  the  mind  to  receive 

such  advantage  that,  in  less  than  thirty  years  of  active  life,  without  indulg 
ing  in  hazardous  speculation,  he  accumulated  a  fortune  of  near  $300,000. 
He  will  therefore  perhaps  be  considered  good  authority  in  a  work  of  this 
kind.  The  following  is  an  extract  from  one  of  his  letters  written  several 
years  ago  :  "  Resolution  is  omnipotent ;  with  proper  industry,  and  action, 
and  effort,  there  is  no  limit  to  advancement.  'Tis  not  well  to  sit  down  with 
folded  arms  'and  point  to  your  past  works — onward  is  the  word  in  self-cul 
tivation.  Although  the  last  effort  was  commendable,  the  next  must  be 
better,  and  the  next  again  better.  The  arts  and  sciences,  rhetoric  and  logic 
are  wide  fields  for  study,  but  a  wider  field  is  man  and  the  business  of  man. 
By  this,  however,  I  do  not  wish  to  be  understood  as  recommending  to  you 
so  wide  a  field  of  study.  Your  books,  according  to  the  prescribed  course, 
deserve  your  first  attention.  These  require  your  attention  during  the  hours 
of  study ;  but  in  your  hours  of  pastime,  of  recreation,  and  of  pleasure,  is 
the  time  to  look  into  the  world,  with  a  determination  to  turn  every  moment 
to  account,  to  profit  by  every  passing  incident,  with  the  old  philosopher's 
motto,  '  Higher,  for  ever  higher.'  The  observant  student  must  and  will  at 
tain  the  highest  elevation  his  intellectual  and  physical  powers  are  capable 
of.  By  this  latter  expression  you  will  understand  me  as  entertaining  the 
opinion  it  is  not  every  one  that  is  capable  of  reaching  the  highest  pitch 
of  human  acquirements.  There  must  be  soul  and  a  body  suited  for  it. 
There  must  be  intellectual  and  physical  strength.  There  must  be  a  founda 
tion  to  raise  the  superstructure  upon.  A  puny  and  effeminate  body  never 
can  contain  the  soul  of  a  Milton,  or  have  the  Herculean  intellect  of  a  Locke, 
or  of  a  Shakspeare,  or  of  a  Webster.  The  body,  however,  as  well  as  the 
intellect,  is  susceptible  of  cultivation.  Physical  exercises  are  as  necessary 
as  mental  ones.  Firmness  of  purpose,  and  a  fixed  resolution  whfch  does 
not  vary,  never  go  hand  in  hand  with  effeminacy  of  body.  I  will  finish  this 
part  of  my  subject  at  present  by  a  quotation,  which  I  wish  you  to  commit 
to  memory,  and  never  forget:  '  He  that  resolves  upon  any  great  end,  by 
that  very  resolution  has  scaled  the  great  barriers  to  it ;  and  he  who  seizes 
the  grand  idea  of  self-cultivation,  and  solemnly  resolves  upon  it,  will  find 
that  idea,  that  resolution  burning  like  fire  within  him,  and  ever  put 
ting  him  upon  his  own  improvement.  He  will  find  it  removing  difficul 
ties  ;  searching  out,  or  making  means ;  giving  courage  for  despondency, 
and  strength  for  weakness.' 

11  It  is  also  reasonable  for  every  one  to  believe  that  he  is  not  a  mere  non 
entity  for  whom  there  is  no  course  chalked  out  or  duty  prescribed,  but 
rather  to  entertain  the  belief  that  he  is  destined,  under  Providence,  to  fill 


ON    BUSINESS.  u7 

• 

impressions,  and  they  place  within  his  reach  materials  which  may 
aid  his  progress.  In  the  education  of  a  business  man,  it  must  never 
be  forgotten  that  his  future  life  will  be  a  life  of  action  and  not  of 
study.  Great  care  must  be  taken  that  the  health  be  not  impaired 
in  a  strife  for  useless  honors — that  the  feelings  be  not  suffered  to 
grow  over  sensitive  in  recluse  contemplation — nor  the  mind  lose 
its  spring  and  elasticity  under  a  load  of  cumbersome  and  un 
practical  learning.  A  collegiate  education  therefore  cannot  be  re 
commended.  It  is  even  a  matter  of  great  doubt  in  the  minds  of 
many  observing  men,  whether  colleges — those  venerated  and 
highly-lauded  alma-maters — have  not  directly  and  indirectly 
ruined  a  greater  number  of  their  sons  than  they  have  ever  benefit- 
ted.  It  has  been  said  that  one-fourth  of  the  students  in  college 
leave  them  with  impaired  health  :  full  one-half  are  too  sensitive 
to  bear  the  rude  jostliugs  of  the  world  :  and  perhaps1  two-thirds  of 
the  balance  have  some  defect  that  will  seriously  mar  their  happi 
ness  and  usefulness.  Certain  it  is  that  he  who  has  passed  this 
ordeal  with  his  health  unimpaired — his  intellect  unwarped,  and 
his  morals  unscathed,  is  a  man  of  extraordinary  mental  and  moral 
power.  Y"et  how  many  parents  spend  money  which  they  can  ill 
spire,  to  unfit  their  sons  for  all  future  usefulness ;  and  how  many 
sons  are  compelled  to  start  in  the  world  with  the  presumption  at 
least  against  them,  that  they  are  unfit  for  practical  affairs.*  A 

some  appointed  duty,  and  that  there  is  a  guardian  spirit  to  whose  admoni 
tions  proper  deference  is  to  be  paid,  and  hence  to  consider  all  '  partial 
evil  as  universal  good.'  The  idea  conveyed  by  this  line  of  Pope  has  been  to 
me  a  source  of  much  consolation  through  life.  It  teaches  us  to  consider  all 
disappointments  as  preservations  from  hidden  snares;  all  adversity  as 
chastenings  for  our  general  good.  Some  of  the  greatest  men  that  ever 
lived  have  had  strong  faith  in  signs  and  omens,  and  in  the  decrees  of  Fate. 
But  I  will  not  enter  further,  at  present,  into  this  mysterious  field." 

*  Extract  from  a  private  letter  of  the  Hon.  John  Freedley,  dated  Nov.  21, 
1846  :  "  These  diplomas  are  sometimes  of  service  to  a  man,  but  very  often 
a  positive  injury.  Where  there  is  intellect  to  raise  a  man  above  the  vanity 
and  self-conceit  which  such  gewgaws  are  apt  to  inspire,  a  diploma  is  of  ser 
vice.  I  think  Webster,  Kent,  Spencer,  and  most  of  the  men  who  have  dis 
tinguished  themselves  in  high  stations  in  our  country  are  graduates.  Even 
Ewing  and  Corwin,  who  earned  their  money  by  chopping  wood  for  the  fur- 

4 


88  A    PRACTICAL    TREATISE 

* 

counting-house  is  the  business  man's  college.  When  the  youth 
has  finished  his  course  of  preparatory  education  at  a  school  or  pri 
vate  seminary  under  the  charge  of  an  able  instructor,  who  teaches 
as  much  by  conversation  as  by  a  prescribed  course,  he  should  go 
into  a  counting-house,  whatever  may  be  his  future  occupation.  It 
is  there  that  he  will  learn  order,  method,  obedience,  and  acquire  a 
knowledge  of  life  and  the  business  of  life  ;  it  is  there  that  he  will 
learn  the  value  of  time  and  the  value  of  money — two  very  im 
portant  things  to  know.  The  Hon.  George  S.  Hilliard  has  drawn 
a  graphic  picture  with  a  somewhat  different  view,  intended  as  a 
source  of  consolation  to  those  who  are  deploring  their  fate  that 
they  cannot  attain  a  collegiate  education  ',  but  we  use  it  to  show 
the  advantage  of  a  counting-house  over  a  college  education.  (l  Two 
youths,  for  instance,  of  the  same  age  leave  school  at  the  same 
time,  and  one  enters  college  and  the  other  goes  into  a  counting- 
house.  And  let  us  suppose  them  equally  conscientious  and 
equally  disposed  to  make  the  best  of  their  opportunities.  The 
collegian  works  hard,  and  learns  much,  and  acquires  distinction  ; 
but  in  the  mean  time  he  has  perhaps  lost  his  health,  for,  as  far  as 

my  observation  goes,  I  should  say  that  one-quarter,  at  least,  of  the 

« 

naces  after  they  arrived  to  age,  to  obtain  for  themselves  the  means  of  getting 
an  education,  worked  on  until  they  were  able  to  graduate.  But  then  such 
men  act  with  their  diploma  as  though  they  had  it  not.  They  lay  it  on  the 
shelf,  and  fall  to  work.  They  know  it  is  of  no  use  to  them  except  as  an 
auxiliary  to  their  own  exertions.  These  were  men  of  physical  powers  who 
could  undergo  fatigue,  and  were  capable  of  performing  much  mental  and 
bodily  labor.  They  by  habitual  industry  so  disciplined  their  minds  as  to 
be  enabled  to  fix  their  entire  attention  on  whatever  was  the  object  of  their 
study,  and  thus  constantly  and  intuitively  to  acquire  knowledge  as  it  were 
in  a  stream,  and  retain  it.  But  these  are  men  one  in  a  hundred — not  so 
with  the  other  ninety-nine.  They  will  point  to  their  diploma  as  the  ulti 
matum  of  their  wishes — as  their  certificate  of  learning  and  gentility — 'tis 
this  that  is  to  feed  and  clothe  them — 'tis  this  that  makes  labor  unnecessary 
to  them  ;  and  the  plodding  and  drudgery  of  office,  necessary  to  success  in 
a  profession,  as  beneath  them :  and  hence  he,  with  less  learning  and  with 
out  a  diploma,  but  who  works,  plods,  and  attends  to  every  thing  that  per 
tains  to  his  business,  will  generally  leave  them  far  in  the  rear.  To  these 
a  diploma  is  rather  a  positive  injury  than  a  benefit,  because  it  puffs  them 
up,  and  causes  them  to  be  '  too  big  for  their  breeches.'  " 


ON    BUSINESS.  39 

young  men  educated  at  our  colleges  leave  them  with  impaired 
health.  From  the  recluse  life  he  has  led,  he  is  likely  to  have 
awkward  manners,  and  an  unprepossessing  address.  From  not 
having  been  trained  to  self-control,  he  is  perhaps  impatient  of  con 
tradiction  and  needlessly  sensitive.  He  is  probably  conceited, 
possibly  pedantic,  and  pretty  sure  to  want  that  sixth  sense  which 
is  called  tact.  He  knows  much  of  books,  but  little  of  men  or  life, 
and  from  mere  confusion  of  mind,  incurs  the  reproach  of  weakness 
of  character.  On  the  other  hand,  the  lad  who  enters  a  counting- 
room  finds  himself  perhaps  the  youngest  member  of  a  large  estab 
lishment;  and  whatever  of  conceit  he  may  have  brought  from  the 
village  academy  is  soon  rubbed  out  of  him.  He  learns  to  obey,  to 
submit,  and  to  be  patient :  to  endure  reproof  without  anger,  and 
to  bear  contradiction  with  good-humor.  He  is  obliged  to  keep 
his  wits  about  him,  to  decide  quickly,  to  have  accurate  eyes  and 
truthful  ears,  to  learn  that  there  are  just  sixty  minutes  in  an  hour, 
and  just  one  hundred  cents  in  a  dollar.  He  is  compelled  to  bear 
and  to  forbear,  to  resist  temptation,  to  struggle  down  rebellious 
impulses,  and  to  put  on  the  armor  of  brave  silence.  The  hours 
of  his  day  come  freighted  with  lessons  of  self-reliance  and  self- 
c_Qjninand,  and  the  grain  of  his  character  grows  firm  under  the  dis 
cipline  of  life."  A  counting-house  education  will  be  of  advantage 
to  every  man,  whatever  his  future  occupation  may  be.  To  farm 
ers  it  will  teach  business  habits  and  attention  to  accounts,  which 
will  give  them  increased  interest  and  success  in  their  business. 
To  the  mechanic  it  will  teach  order,  system,  management,  the 
practical  value  of  book-keeping,  and  remedy  many  of  their  de 
ficiencies.  To  the  professional  man,  it  will  afford  a  clearer  in 
sight  into  the  practical  operation  of  business  affairs,  and  give  them 
facilities  in  obtaining  practice.*  The  time  spent  in  the  counting- 

*  "  A  lawyer  in  a  commercial  city  must  not  only  be  a  merchant,  a  mecha 
nic,  a  navigator,  a  seaman  so  far  as  navigation  and  an  acquaintance  -with 
the  different  parts  of  a  vessel  are  concerned,  but  must  also  be  able  to  read, 
speak,  and  translate  the  different  languages  in  use  in  the  different  parts 
of  the  commercial  word.  No  man  can  try  a  case  and  do  it  justice  unless  he 
is  perfectly  master  of  the  matter  to  which  the  dispute  relates.  Hence  I  have 
observed  that  those  persons  who  have  spent  some  time  in  business,  either 
mercantile  or  mechanical,  previous  to  studying  law,  generally  succeed  best 
in  obtaining  practice." — John  Freedley. 


40  A   PRACTICAL   TREATISE 

house  should,  of  course,  vary  with  circumstances.  A  youth  de 
signed  for  mechanical  pursuits  should  spend  probably  a  year ;  a 
farmer,  one  winter.  It  is  generally  noticed  that,  at  the  end  of 
six  months,  countrymen  get  deathly  homesick ;  that  is  the  time 
for  them  to  leave,  and  they  will  never  hanker  after  city  life  more. 
A  merchant  should  spend  some  two  years  in  a  counting-house 
after  he  has  completed  his  preparatory  course,  and  then  go  to  one 
of  our  law  schools,  and  devote  some  time  to  the  study  of  mercan 
tile  law.  A  knowledge  of  the  law  will  always  be  beneficial,  and 
he  will  derive  the  additional  advantage  of  association  with  the 
first  minds  of  the  country,  and  may  form  friendships  that  will  be 
serviceable  to  him  in  his  subsequent  career. 

A  moral  education  need  not  be  dwelt  upon.  Parents  who  read 
books  for  information,  and  teachers  who  are  fit  to  be  intrusted  with 
the  management  of  the  young,  need  no  arguments  on  this  subject. 
This  is  especially  a  work  of  self-cultivation ;  no  principles  can  be 
called  temptation-proof,  but  those  which  are  the  result  of  logical 
conviction,  and  for  which  repeated  sacrifices  have  been  made. 
Facts  in  the  subsequent  pages  will  speak  on  this  subject  more 
forcibly  than  arguments. 

It  is  of  immense  advantage  to  a  young  man,  during  minority,  to 
have  constant  and  familiar  intercourse  and  correspondence  with  a 
man  who  is  practised  in  affairs,  and  capable  of  communicating  his 
knowledge.  It  is  a  privilege  which  should  be  valued  almost  above 
all  others  by  those  who  possess  it.  The  pupils  of  the  Jesuits  were 
noted  for  greater  presence  of  mind  in  conversation,  a  more  ready  re 
collection  of  their  knowledge,  and  were  more  men  of  the  world  than 
youths  brought  up  by  any  other  preceptors,  and  this  acknowledged 
superiority  was  ascribed  to  the  fact  that  each  pupil  was  allowed  a 
certain  number  of  hours  of  conversation  with  his  superiors.  An 
ability  to  communicate  varied  and  practical  knowledge  by  conver 
sation  is  a  qualification  that  specially  fits  a  man  to  be  a  teacher, 
and  it  should  not  be  overlooked  in  the  selection  of  a  teacher.  In 
addition,  parents  who  are  unfitted,  or  too  busy  to  discharge  their 
share  of  this  duty,  should  select  a  suitable  man  whose  business  it 
would  be  to  advise  in  the  choice  of  books,  solve  the  student's 
doubts  and  queries,  direct  his  observation,  converse  and  correspond 


ON   BUSINESS.  41 

with  him  during  his  school  and  business  apprenticeship.  A  man  of 
sound  judgment  and  some  experience  should  be  selected;  but  it  is 
not  necessary  that  he  should  be  distinguished  for  any  particular 
success  in  his  own  affairs,  for  such  men  cannot  be  had,  and,  if  they 
could,  they  would  very  probably  be  incompetent  for  the  office.  It 
is  a  singular  fact  that  those  who  are  the  most  distinguished  for 
success  in  their  own  undertakings  are  the  poorest  of  all  advisers  for  - 
others;  while  many  who  are  keen  in  the  originating  of  plans,  and 
advising  others,  seem  to  lose  their  power  when  they  come  to  act 
for  themselves.  There  are  two  great  classes  of  men  in  the  world — 
men  of  action  and  men  of  contemplation.  The  former  can  do  a 
thing  when  they  are  told  how,  and  the  latter  know  how  it  should 
be  done,  but  cannot  do  it.  It  is  very  rarely  that  these  two  quali 
ties  are  united  in  one  person  ;  and  I  believe  that,  in  nine  cases  o-ut 
of  ten,  the  idea  of  those  speculations  and  undertakings  for  which 
men  have  got  the  most  credit,  came  to  them  at  second-hand — they 
acted,  while  others  were  debating ;  hence  it  is  not  the  most  suc 
cessful  whose  opinions  are  always  the  most  valuable.  _Qp  those 
who  have  no  special  advantages,  we  say,  cultivate  your  senses —  . 
observe  keenly — discipline  your  mind,  especially  by  mathematical 
studies — search  after  and  seize  hold  of  every  valuable  fact — be  a 
constant  reader  of  useful  books — and  the  glory  of  your  triumph 
will  be  in  proportion  to  the  difficulties  you  have  overcome. 

III.  When  parents  have  not  chosen  a  pursuit  for  the  young  man, 
and  circumstances  do  not  plainly  reveal  to  him  his  true  path  the 
•important  duty  of  choosing  a  business  or  profession  falls  upon  him, 
and  the  great  question,  "  What  shall  I  do  ?"  comes  into  his  mind 
with  a  force  and  power  that  will  probably  be  remembered  in  all 
subsequent  time.  "  The  most  important  thing  in  life  is  the  choice  - 
of  a  profession,"  says  Pascal;  and  lam  sure  it  is  an  embarrassing 
one  to  him  who  is  sensible  of  its  importance.  It  is  a  choice  that 
must  be  made  at  an  early  age,  with  few  guides  to  direct,  and  in  a 
matter  in  which  but  few  directions  can  be  given. 

Our  first  hint  is  in  the  language  of  an  author  quoted  before. 
1  Be  not  over  choice  in  looking  out  for  what  may  exactly  suit  you ; 
but  rather  be  ready  to  adopt  any  opportunities  that  occur.    Fortune  — 
does  not  stoop  often  to  take  any  one  up.     Favorable  opportunities 

4* 


42  A   PRACTICAL    TREATISE 

will  not  happen  precisely  in  the  way  you  imagined.  Nothing 
does.  Do  not  be  discouraged,  therefore,  by  any  present  detriment 
in  any  course  which  may  lead  to  something  good/'  The  first  ques 
tion  to  be  settled  is,  what  is  the  object  in  choosing  a  business  at 
all  ?  We  answer,  to  attain  independence.  What  is  independence  ? 
He  who  can  make  something  more  than  his  necessities  require  him 
to  expend  is  as  independent  as  the  richest  of  the  land,  and  gene« 
rally  far  more  happy.  How  can  independence  be  attained  with  the 
greatest  certainty  ?  No  man  is  sure  of  being  able  to  make  more 
than  his  necessities  will  require  him  to  expend  but  he  who  is  able 
to  perform  a  day's  labor.  A  trade  is  a  sure  road  to  independence. 
"  He  that  hath  a  trade  hath  an  estate,  and  he  that  hath  a  calling, 
hath  an  office  of  profit  and  honor."  Among  the  ancient  Jews, 
every  one,  however  well  educated,  was  brought  up  to  a  trade.  At 
Sparta,  there  was  a  law  declaring  every  one  who  refused  to  support 
his  parents,  when  in  want,  infamous ;  but,  if  the  father  had  neg 
lected  to  bring  up  his  son  to  some  trade,  the  son  was  not  bound  to 
maintain  his  father,  although  in  want.  We  may  add  that  all 
kinds  of  regular  business  pay  equally  well  in  the  long  run  to  those 
who  have  the  ability  to  carry  them  on  :  and  that  all  useful  em 
ployments  by  which  a  man  can  earn  an  honest  living,  are  equally 
respectable  in  the  estimation  of  every  sensible  person.  "  There  is 
but  one  way,"  says  Dr.  Lyman  Beecher,  "  of  securing  universal 
equality  to  man — and  that  is,  to  regard  every  honest  employment 
as  honorable,  and  that  for  every  man  to  learn,  in  whatsoever  state 
he  may  be  therewith  to  be  content,  and  to  fulfil  with  strict  fidelity 
the  duties  of  his  station  and  to  make  every  condition  a  post  of 
honor." 

Our  second  hint  is  suffer  not  fancy  to  overrule  the  judgment  in 
the  choice.  It  has  been  observed  that  the  history  of  the  bar  shows 
that  those  who  have  become  the  most  eminent  in  the  law  had  at 
first  the  greatest  distaste  for  it.  Where  a  man  is  equally  adapted 
to  two  or  more  kinds  of  business,  fancy  may  decide  the  choice — 
but  it  is  a  quality  too  evanescent  in  itself  to  control  the  judgment. 

Our  third  and  main  rule  is,  let  there  be  a  correspondence  be 
tween  the  prominent  feature  of  the  mind  or  character,  and  the 
prominent  requisite  of  the  business.  Know  thyself,  and  know 


ON   BUSINESS.  4d 

something  of  the  business  beforehand.  Every  occupation  has  some 
leading,  essential  quality  which  its  follower  must  have,  or  success 
is  impossible.  The  great  cardinal  powers  of  business,  as  they  may 
be  called,  are  strength — ingenuity — good  address — and  strong  nerve 
or  enterprise.  Some  occupations  require  only  one  of  these — others 
require  a  combination  of  them — and  others,  again,  require  a  com 
bination  of  some  one  of  these  essentials  with  other  qualities,  to 
carry  them  on  with  honor  and  success. 

I.  The  occupations  in  which  the  essential  requisite  is  physical 
strength  are  those  of  day-laborers,  butchers,  and  farmers.     A  far 
mer  will  succeed  best  who  possesses  mental  cultivation  of  the  first 
order;  but  still,  the  leading  requisite  of  the  business  is  physical 
strength,  without  which  he  cannot  discharge  its  duties.     A  strong, 
healthy  boy  will  soon  learn  the  art  of  killing  and  dressing  an 
animal.     Strength  is  also  requisite  to  the  success  of  a  bookbinder 
and  a  wheelwright. 

II.  The  occupations  whose  leading  requisite  is  mechanical  in 
genuity  are  generally  called  trades.    A  tailor,  shoemaker,  or  brush- 
maker  need  have  but  little  ingenuity ;  but  trades  in  general  require 
a  large  share  of  it  in  combination  with  strength,  mathematical  skill, 
and  other  qualifications.     A  machinist  must  have  ingenuity,  skill, 
and  a  considerable  degree  of  physical  strength.    A  carpenter  must 
have  strength,  ingenuity,  great  skill,  and  an  aptitude  for  mathe 
matics  and  drawing.     A  stone  mason  must  possess  the  same,  with 
perhaps  greater  power  of  endurance.     A  jeweller  must  have  in 
genuity,  good  taste,  steadiness,  application,  and  a  capacity  to  resist 
temptation.     A  clock  or  watchmaker  must  possess  ingenuity,  a 
fair  education,  and  a  persevering  disposition.     A   cabinet-maker 
must  have  an  aptitude  for  and  a  knowledge  of  drawing,  good  taste, 
and  ingenuity.     A  chemist  must  possess  ingenuity,  a  liberal  edu 
cation,  retentive  memory,  and  a  persevering  disposition. 

III.  Good  address  presupposes  some  education,  a  genteel  per 
son,  and  an  obliging  disposition.     It  is  the  leading  requisite  in  all 
trading  pursuits,   and  is    the  basis  of    successful    storekeeping. 
United  with  fondness  for  books,  the  boy  may  become  a  bookseller ; 
with  fondness  for  music,   a  music-seller.     An   apothecary  must 
possess  good  address,  a  good  education,  a  retentive  memory,  and  a 


44  A    PRACTICAL    TREATISE 

cheerful,  compassionate  disposition.  An  auctioneer  should  have 
good  address,  memory,  a  quick  eye,  and  shrewdness. 

IV.  Strong  nerve,  in  its  ordinary  acceptation,  is  necessary  to 
the  surgeon,  dentist,  and  probably  many  others.  It  is  also  used 
as  synonymous  with  resolution  and  enterprise.  It  is  the  prominent 
requisite  in  all  kinds  of  speculation,  and,  when  combined  with 
every  other  great  and  good  quality,  makes  the  merchant,  the  pro 
fessional  man,  the  author,  (?)  and  the  statesman.* 

We  need  not  mention  the  professions.  They  do  not  fall  within 
the  scope  of  our  plan,  as  they  are  not,  and  should  not  be,  money- 
making  pursuits.  No  class  of  men  in  the  world,  considering  the 
amount  of  capital  expended  in  their  education,  and  the  amount  of 
labor  in  their  profession,  are  so  poorly  paid  as  professional  men. 
It  has  been  said,  with  emphasis  and  truth,  that  merely  to  obtain 
wealth,  a  man  would  be  more  likely  to  succeed,  to  begin  with  a 
wood-saw  and  an  axe,  than  with  an  education  which  cost  him  ten 
years'  hard  labor,  and  all  the  money  he  could  borrow.  Lawyers 
sometimes  get  large  fees,  but  they  are  u  few  and  far  between. "  Their 
average  income  throughout  the  United  States  does  not  exceed  fifteen 
hundred  dollars  per  year,  and  the  majority  in  the  profession  get  less 
than  that;  a  few  get  a  great  deal  more,  while  many  get  nothing  at  all. 
Divines  have  one  secular  advantage ;  they  can  sometimes  marry 
advantageously.  Women  have  an  idea  that  they  make  good  hus 
bands,  and,  hence,  with  address,  they  may  obtain  serviceable  fathers- 
in-law.  But  the  professions  should  be  chosen  from  other  considera- 

*  I  intended  to  compile  a  table  of  occupations,  which  I  must  defer  to  a 
more  "  convenient  season,"  if  it  ever  comes.  I  will  merely  remark  that 
the  average  wages  of  journeymen,  in  mechanical  employments,  are  about 
$9  a  week;  that  tailors,  shoemakers,  and  blacksmiths  do  not  get,  on  an 
average,  so  much  as  this  ;  and  that  hatters,  jewellers,  watch-case  makers, 
and  printers,  get  more.  No  one  should  think  of  starting  a  mechanical 
business  in  large  cities  with  less  than  one  thousand  dollars  capital.  The  ave 
rage  wages  of  operatives  in  iron  works,  in  the  United  States,  is  97  cents  a 
day  ;  in  Pennsylvania,  the  average  is  $1  06.  The  average  wages  of  males, 
in  cotton  factories,  is  70  cents ;  of  females,  37J  cents.  In  Pennsylvania, 
nlales  get  65  cents,  and  females  33  cents,  on  an  average.  In  woollen 
factories,  males  82  cents,  and  females  44  cents.  In  the  Pennsylvania  wool 
len  factories,  the  average  wages  of  males  is  74  cents  ;  of  females,  30  cents 


ON    BUSINESS.  45 

tions  than  to  obtain  wealth.  They  are  a  splendid  field  for  the  ex 
ercise  and  display  of  intellect,  and  the  gratification  of  philanthropy. 
The  only  worthy  motive  in  choosing  a  profession  is  a  strong  desire 
to  ameliorate  the  condition  and  amend  the  follies  of  mankind, — 
of  which  the  reward  is  to  be  the  consciousness  of  a  life  well  spent 
• — but  to  do  this,  previous  independence  is  indispensable.  "  How 
absurdly  those  parents  act,"  says  Collyer,  "  who,  having  no  for 
tune  to  give  to  a  son,  bring  him  up  to  be  an  attorney's  clerk,  and 
thus  force  him  to  be  contented  with  an  income  more  precarious, 
and  not  much  more  certain,  than  that  of  a  journeyman  tailor,  or 
to  become  a  nuisance  to  society  by  being  a  poor,  pettifogging  attor 
ney,  an  employment  equally  base,  scandalous,  and  injurious  to 
society."  It  is  to  be  regretted  that  so  many  young  men,  who 
could  fill  other  stations  with  honor  and  respect,  are  now  rushing 
pellmell  into  the  professions,  without  aim  or  object,  apparently 
taking  it  for  granted  they  were  born  qualified,  as  Minerva  sprang 
full-fledged  from  the  brain  of  Jupiter.  Experience  must  be  their 
schoolmaster. 


46  A   PRACTICAL    TREATISE 


CHAPTER  III. 
HABITS  OF  BUSINESS,  WHAT  ARE  THEY? 

WHEN  we  have  chosen  our  business  wisely — when  we  have  be 
come  initiated  in  its  mysteries,  and  our  apprenticeship  is  drawing 
to  a  close — the  great  question  that  will  frequently  recur  in  our 
after  life,  What  shall  we  do  ?  stares  us  in  the  face  a  second  time. 
Shall  we  attempt  business  on  our  own  account,  or  work  awhile  for 
another  already  established ;  and  how  shall  we  be  able  to  attain  the 
best  situation?  We  solicit  advice  from  our  friends,  and  they  tell 
us  that  the  world  will  ask  us  two  questions,  which  we  had  better  ask 
ourselves  beforehand.  Are  you  master  of  your  business  ?  andliave 
you  habits  of  business?  The  former  is  presumed;  but  what  is 
meant  by  habits  of  business  ?  Habits  of  business  include  six 
qualities.  Industry,  arrangement,  calculation,  prudence,  punc 
tuality,  and  perseverance.  Are  you  industrious  ?  Are  you  me 
thodical  ?  Are  you  calculating  ?  Are  you  prudent  ?  Are  you 
punctual  ?  Are  you  persevering  ?  If  so,  you  possess  what  is 
known  by  the  familiar  term,  Habits  of  Business.  It  is  not  the 
possession  of  any  one  of  these  qualities  in  perfection,  nor  the  oc 
casional  exercise  of  them  by  fits  and  starts,  as  it  is  called,  that 
will  constitute  a  man  of  business ;  but  it  is  the  possession  of  them 
all  in  an  equal  degree,  and  their  continuous  exercise  as  habits,  that 
give  reputation  and  constitute  ability.  The  difference  in  men  and 
their  success  may  be  attributed,  in  a  measure,  to  a  difference  in 
their  business  habits ;  and  many  a  man  has  made  his  fortune  with 
no  other  capital  than  their  superior  cultivation.  In  fact,  a  large 
capital  and  excellent  opportunities,  without  them,  will  only  provoke 
greater  disaster,  and  a  more  wide-spread  ruin.  Perfection  in  most 
things  is  unattainable;  yet  men  have  attained  to  a  greater  degree 
of  perfection  in  the  cultivation  of  these  qualities  than  in  almost 


ON    BUSINESS.  47 

any  thing  else;  and,  at  all  events,  it  is  certain  that  he  \vho  lt  aimeth 
at  the  sun,  though  he  may  not  hit  his  mark,  will  shoot  higher  than 
he  that  aimeth  at  a  bush.'7 

Industry  is  the  energetic  engagement  of  body  or  mind  in  some 
useful  employment.  It  is  the  opposite  of  the  Indian's  maxim, 
which  says,  "  It  is  better  to  walk  than  to  run,  and  better  to  stand 
still  than  to  walk,  and  better  to  sit  than  to  stand,  and  better  to  lie 
down  than  to  sit."  Industry  is  the  secret  of  those  grand  results 
that  fill  the  mind  with  wonder — the  folios  of  the  ancients,  the 
pyramids  of  the  Egyptians,  those  stupendous  works  of  internal 
communication  in  our  own  country  that  bind  the  citizens  of  many 
different  States  in  the  bonds  of  harmony  and  interest.  "  There  is 
no  art  or  science, "  says  Clarendon,  "  that  is  too  difficult  for  indus 
try  to  attain  to ;  it  is  the  gift  of  tongues,  and  makes  a  man  under 
stood  and  valued  in  all  countries  and  by  all  nations;  it  is  the  phi 
losopher's  stone,  that  turns  all  metals  and  even  stones  into  gold, 
and  suffers  no  want  to  break  into  dwellings;  it  is  the  North-west 
passage,  that  brings  the  merchant's  ships  as  soon  to  him  as  he  can. 
desire;  in  a  word,  it  conquers  all  enemies,  and  makes  fortune  it 
self  pay  contributions/'  The  tendency  of  matter  is  to  rest,  and  it 
requires  an  exercise  of  force  or  of  will  to  overcome  the  vis  inertias. 
When  a  thing  should  be  done,  it  must  be  done  immediately,  with 
out  parleying  or  delay.  A  repeated  exercise  of  the  will,  in  this 
way,  will  soon  form  the  habit  of  industry. 

Arrangement  digests  the  matter  that  industry  collects.  It  ap 
portions  time  to  duties,  and  keeps  an  exact  register  of  its  transac 
tions  ;  it  has  a  post  for  every  man,  a  place  for  every  tool,  a  pigeon 
hole  for  every  paper,  and  a  time  for  every  settlement.  A  perfectly 
methodical  man  leaves  his  books,  accounts,  &c.,  in  so  complete  a 
shape  on  going  to  bed  that,  if  he  were  to  die  during  the  night,  every 
thing  could  be  perfectly  understood.  Jeremiah  Evarts  is  repre 
sented  to  have  been  a  model  of  industry  and  arrangement.  A  friend 
says,  "  During  years  of  close  observation  in  the  bosom  of  his  family, 
I  never  saw  a  day  pass  without  his  accomplishing  more  than  he 
expected;  and  so  regular  was  he  in  all  his  habits,  that  I  knew  to  a 
moment  when  I  should  find  him  with  his  pen,  and  when  with  his 
tooth-brush  in  his  hand;  and  so  methodical  and  thorough  that 


48  A    PRACTICAL    TREATISE 

though  his  papers  filled  many  shelves  when  closely  tied  up,  there 
was  not  a  paper  among  all  his  letters,  correspondence,  editorial 
matter,  and  the  like,  which  he  could  not  lay  his  hands  on  in  a 
moment.  I  never  knew  him  search  for  a  paper ;  it  was  always  in 
its  place."  Some  manifest  this  habit  at  an  earlier  age  than  others, 
and  apparently  exercise  it  with  less  difficulty;  but  any  one  with 
attention  may  acquire  it. 

Calculation  is  the  mind  of  business.  A  readiness  in  calculation 
gives  a  man  great  advantages  over  his  less  experienced  neighbor; 
and  many  a  man  has  brought  his  fish  to  a  bad  market  from  inability 
to  calculate  quickly  and  accurately.  To  attain  the  habit  of  quick 
calculation  without  the  aid  of  a  slate  and  pencil,  Dr.  Alcott  recom 
mends  that  the  learner  seize  on  "  every  circumstance  which  occurs 
in  his  reading,  where  reckoning  is  required,  and,  if  possible,  stop  at 
once  and  compute  it.  Or,  if  not,  let  the  place  be  marked,  and,  at 
the  first  leisure  moment,  let  him  turn  to  it  and  make  the  estimates. 

"  Suppose  he  reads  of  a  shipwreck.  The  crew  is  said  to  consist 
of  thirty  men,  besides  the  captain  and  mate,  with  three  hundred 
and  thirteen  passengers,  and  a  company  of  sixty  grenadiers.  The 
captain  and  mate,  and  ten  of  the  crew,  escaped  in  the  longboat. — 
The  rest  were  drowned,  except  twelve  of  the  grenadiers,  who  clung 
to  a  floating  fragment  of  the  wreck,  till  they  were  taken  off  by  an 
other  vessel.  Now  is  there  a  single  person  in  existence,  who  would 
read  such  an  account,  without  being  anxious  to.  know  how  many 
persons  in  the  whole  were  lost  ?  Yet  nine  readers  in  ten  would  not 
Know,  and  why  ?  Simply  because  they  will  not  stop,  and  use 
what  little  addition  and  subtraction  they  possess. 

"  Long  practice,  it  is  true,  will  render  it  unnecessary  for  an  indi 
vidual  to  pause,  in  order  to  estimate  a  sum  like  that  above  mentioned. 
Many,  in  deed  most  persons,  who  are  familiar  with  figures,  might  com 
pute  these  numbers  while  reading,  and  without  the  slightest  pause  ; 
but  it  certainly  requires  some  practice.  And  the  most  important 
use  of  arithmetical  studies,  except  as  a  discipline  to  the  mind,  is  to 
enable  us  to  reckon  without  slates  and  pencils.  He  has  but  a  mi 
serable  knowledge  of  arithmetic  who  is  no  arithmetician  without  a 
pen  or  pencil  in  his  hand.  These  are  but  the  ladders  upon  which 
he  should  ascend  to  the  science,  and  not  the  science  itself." 


ON    BUSINESS.  49 

But  calculation  as  a  business  habit  is  not  limited  to  arithmetic. 
It  deals  with  principles  as  well  as  figures,  and  frequently  arrives  at 
principles  by  means  of  figures.  It  deduces  the  value  of  economy, 
and  distinguishes  between  a  true  and  a  false  economy.  It  shows 
that  a  man  who  spends  a  dollar  and  a  half  in  hiring  a  horse,  and 
also  the  greater  part  of  a  day  to  purchase  six  or  eight  bushels  of 
wheat  at  a  sixpence  a  bushel  less  than  he  must  have  given  nearer 
iTonie,  is  not  so  economical  as  he  may  have  imagined.  It  satis 
factorily  demonstrates  that  honesty  is  the  best  policy,  and  that  a 
rogue  is  a  fool.  I  cannot  comprehend  the  force  of  that  philosophy 
which  excludes  calculation  as  an  unworthy  process  of  arriving  at  a 
right  course  of  action.  A  maxim,  that  is  true,  can  be  proved  to 
be  so  by  any  test ;  and  in  considering  a  principle,  a  man  should  choose 
that  means  which  ordinarily  yields  him  the  greatest  certainty  of 
conviction.  There  is  nothing  debasing  in  reducing  every  thing  to  a 
rigid  system  of  calculation ;  and  principles  that  will  not  bear  it  are 
not  sound.  A  man  takes  advantage  of  confidence  to  perpetrate  an 
act  of  villainy ;  is  he  a  wise  man  or  a  fool  ?  How  does  his  account 
stand  ?  On  the  debtor  side  is  found  the  confidence  of  the  com 
munity,  which  would  have  supported  him  for  life,  lost ;  his  family 
disgraced;  his  happiness  embittered;  his  soul  endangered,  and 
much  more.  On  the  creditor  side  is  found  a  temporary  advantage 
gained,  and  the  balance  is  largely  against  him.  The  man  who 
killed  his  goose  to  get  at  the  golden  eggs  has  not  been  handed 
down  to  us  as  a  very  wise  man ;  and  Solomon  says,  "  He  that  get- 
teth  riches,  and  not  by  right,  shall  leave  them  in  the  midst  of  his 
days,  and  at  his  end  shall  be  a  fool."  Policy,  right,  reason,  and 
revelation,  all  harmonize. 

Prudence  is  defined  to  be  wisdom  applied  to  practice.  As  this 
is  one  of  the  most  important  of  qualities,  and  the  most  difficult  to 
describe,  we  subjoin  the  various  definitions  of  prudence,  and  some 
general  rules  that  may  be  serviceable.  Under  prudence  are  com 
prehended  that  discreet  suiting  and  disposing  as  well  of  actions  as 
words  in  their  due  place,  time,  and  manner.  It  is  principally  in 
reference  to  actions  to  be  done,  and  due  means,  order,  season,  and 
method  of  doing  or  not  doing.  A  man  exhibits  the  highest  pru 
dence  who  places  himself  in  such  a  position  that,  whether  the  priu 

5 


50  A   PRACTICAL    TREATISE 

ciples  he  acts  upon  prove  true  or  false,  he  secures  a  happy  issue  to 
his  actions.  In  a  case  where  the  probabilities  on  the  one  hand 
somewhat  preponderate  the  other,  yet  if  there  be  no  considerable 
hazard  on  that  side  which  has  the  least  probability,  and  a  very  great 
apparent  danger  in  a  mistake  about  the  other,  prudence  will  oblige 
a  man  to  do  that  which  may  make  most  for  his  safety.  It  is  al 
ways  prudent  in  matters  of  importance  to  conceal  intentions,  or  we 
may  be  anticipated  by  others }  and  it  is  generally  prudent  to  con 
ceal  motives,  letting  only  friends  have  a  key  to  our  hearts  as  to  our 
garden.  It  is  prudent  to  withhold  confidence  from  an  entire  stran 
ger,  and  in  some  disagreeable  cases  it  is  prudent  to  do  nothing. 
"  When  a  prudent  man,"  says  Chesterfield,  "gets  into  that  predi 
cament  that  he  must  ask  himself  more  than  once  what  he  shall  do, 
he  will  answer  '  Nothing/  Where  reason  points  out  no  good  way, 
or  at  least  none  less  bad  than  the  other,  he  will  stop  short  and  wait 
for  light.  A  little  busy  mind  runs  on  at  all  events — must  be  doing, 
and  like  a  blind  horse  fears  no  danger  because  he  sees  none."  "  I 
think  a  prudent  man,"  says  Plutarch,  "  ought  not  to  permit  any 
thing  at  all  to  trust  to  fortune,  but  to  trust  some  things  to  his 
wife,  some  things  to  his  servants,  and  some  things  to  his  friends, 
while  he  is  employing  his  reason  about  such  matters  as  are  most 
proper  for  him,  and  of  greatest  concernment."  Prudence  is  the 
result  of  judgment.  Judgment  is  an  original  faculty  of  the  mind 
which  G-od  has  given  to  supply  the  want  of  certain  knowledge, 
and  by  which  a  man  takes  a  proposition  to  be  true  or  false  without 
perceiving  demonstrative  evidence  in  the  proofs.  A  total  want  of 
judgment  cannot  be  supplied  by  art ;  but,  where  the  faculty  exists, 
it  may  be  cultivated  to  an  extraordinary  degree  of  accuracy. 

Partnership,  marriage,  and  the  proper  time  or  age  for  commenc 
ing  business  are  important  subjects  for  the  exercise  of  judgment. 
In  any  remarks  on  these  subjects,  I  desire  to  be  understood  as  ex 
pressing  my  individual  opinion,  and  not  well-settled  truths,  as  my 
range  of  facts  is  limited. 

Partnership  is  prudent  or  not  according  to  the  nature  of  the 
business  and  the  relative  situation  of  the  parties.  It  is  prudent  in 
an  extended  business  where  each  partner  will  have  separate  and 
distinct  duties,  or  where  it  is  necessary  for  them  to  be  in  different 


ON   BUSINESS.  51 

places,  without  a  constant  supervision  of  the  others.  It  is  prudent 
in  cases  where  one  furnishes  capital  and  the  other  knowledge,  good 
character,  and  activity.  It  is  generally  prudent  for  clerks  to  take 
an  interest  in  well-established  houses  in  which  they  have  been  em 
ployed  when  they  can,  and  it  is  prudent  for  the  merchants  to  give 
them  an  interest  when  they  have  shown  themselves  to  be  worth  a, 
salary  of  a  thousand  dollars  a  year.  But  it  is  imprudent  to  form 
an  ordinary  partnership  to  carry  on  a  small  business,  where  every 
transaction  would  be  likely  to  come  under  the  supervision  of  both. 
It  is  imprudent  to  enter  into  partnership  with  a  covetous  man,  or  a 
very  passionate  man,  or  an  obstinate  man,  or  a  revengeful  man,  or 
&  familiar  crony,  or  a  man  involved,  unless  it  be  a  limited  part 
ners-hip,  in  the  case  of  a  creditor,  with  a  view  of  escaping  greater 
loss.  And,  in  general,  it  may  be  said  to  be  imprudent  where  the 
business  can  be  managed  with  a  reasonable  degree  of  success  with 
out  it. 

"  The  trust  reposed  in  copartners,"  says  a  distinguished  com 
mercial  lawyer,  "  notwithstanding  all  precautions,  is  wholly  inde 
finite  and  unlimited.  And  when  one  thinks  of  forming  a  connec 
tion  of  copartnership  with  another,  he  should  ask  himself  if  he  is 
willing  to  trust  him  with  the  power  to  ruin  him ;  for  such  and  no 
less  is  it.  He  will,  therefore,  be  careful  to  consider  not  only  his 
business  capacity  as  a  man  of  shrewdness,  of  skill,  of  experience, 
but  will  need  to  look  into  his  social  and  moral  qualities.  Is  he  a 
man  of  good  temper,  with  whom  difficulties  will  not  be  likely  to 
occur  ?  Is  he  placable,  one  who  will  not  lay  up  the  memory  of  an 
accidental  slight,  of  a  heated  expression,  or  of  an  unreasonable 
wrong,  which  you  have  done  everything  in  your  power  to  redress? 
Is  he  a  man  keen  in  the  pursuit  of  his  own  interest  ?  Will  he  listen 
to  any  candid  views  adverse  to  his  own  ?  Will  he  in  a  difference 
between  you  be  willing  to  unite  with  you  in  consulting  mutual 
friends  as  mediators  ?  Are  you  sure  of  his  principles  ?  Do  you 
know  his  associates  ?  All  these  are  questions  not  merely  of  taste 
and  curiosity,  but  entering  into  the  very  essence  of  your  decision 
as  to  a  partner." 

Marriage  is  a  matter  in  which  there  is  so  little  "  demonstrative 
evidence  in  the  proofs,"  that,  if  it  were  generally  entered  into  on 


52  A    PRACTICAL    TREATISE 

prudential  grounds,  it  might  be  considered  a  test  of  judgment. 
The  apostle  Paul  intimates  that  it  matters  little  whom,  or  from  what 
considerations  a  man  marries,  the  result  will  be  all  the  same ;  and 
mankind  frequently  take  that  view,  believing  that  possibly  they  will 
have  leisure  enough  to  repent  it.  "  But  and  if  thou  marry,  thou 
hast  not  sinned :  and  if  a  virgin  marry,  she  hath  not  sinned. 
Nevertheless,  such  shall  have  trouble  in  the  flesh  :  but  I  spare 
you."  1  Cor.  vii.  28. 

But,  though  it  may  often  demand  a  seer's  power  to  divine  the 
character  of  the  wife  in  that  of  the  girl,  and  however  willing  men 
may  be  to  sacrifice  themselves,  if  need  be,  on  the  altars  of  the 
blind  god — I  deem  it  a  duty  to  offer  one  suggestion,  for  the  con 
sideration  of  those  who,  in  this  predicament,  have  one  of  their  five 
senses  yet  in  a  healthy  condition — and  that  is,  that  they  strive  at 
least  to  ascertain  whether  their  choice  be  meddlesome,  or  despond- 
ing,  or  extravagant.  A  sprinkling  of  ugliness,  and  a  spice  of 
temper — a  tinge  of  vanity,  and  occasional  attacks  of  folly,  are 
triflles ;  but  he,  whose  wife  is  always  meddling  and  never  under 
standing — or  forever  croaking  evil,  and  doing  nothing  to  avert  it, 
or  unceasingly  crying  give,  give,  and  never  economizing,  must 
either  fold  his  arms  in  listless  despair,  or  with  an  iron  will  sum 
mon  a  supreme  contempt  for  her  and  her  wishes,  her  words  and 
deeds.  Neither  horn  of  the  dilemma  is  a  pleasant  one,  and  in 
relief,  we  give  the  following  picture  drawn  for  the  model  wife  of 
a  statesman,  but  which  will  answer  equally  well  as  a  mirror  in 
which  the  model  wives  of  accomplished  business  men  may  see 
themselves  reflected.  "  The  wife  of  a  statesman's  choice  should 
be  sound  in  health,  and  of  a  light  and  easy  temper,  neither  jeal 
ous  herself  nor  giving  cause  for  jealousy;  neither  going  much 
abroad,  nor  requiring  her  husband  to  be  more  at  home  than  his 
avocations  will  permit ;  fresh  in  her  feelings,  and  alert  as  to  her 
understanding,  but  seasonable  in  the  demonstration  of  either,  and 
willing  at  all  times  to  rest  contented  in  an  intelligent  repose." 

The  proper  time  or  age  for  commencing  business  on  one's  own 
account  is  a  mooted  question.  It  is  imprudent  in  any  one  to  em 
bark  in  business  without  that  moderate  capital  ordinarily  required 
in  the  business.  It  is  imprudent  in  a  young  man  to  accept  a  loan 


ON    BUSINESS.  53 

from  a  money-lender,  giving  his  friends  as  security,  in  order  to  get 
that  moderate  capital.  But  suppose  that  the  friends  of  a  young 
man  who  is  of  age  and  out  of  his  apprenticeship,  propose  to  fur 
nish  him  the  necessary  capital  to  set  up  business,  is  it  prudent  in 
him  to  embark?  I  will  merely  express  a  few  of  the  arguments  on 
both  sides,  and  leave  it  to  the  exercise  of  the  individual  judgment. 
A  good  deal  undoubtedly  depends  on  the  previous  education,  and 
the  extent  of  his  knowledge.  On  the  one  side  it  is  stated  that 
experience  is  a  relative  term  ;  a  man  at  twenty-one  has  frequently 
more  knowledge,  than  many  men  of  forty.  Knowledge,  not  expe 
rience,  is  the  one  thing  needful.  Experience  is  only  one  of  the 
ways  of  arriving  at  knowledge.  "Wise  men  are  instructed  by 
reason;  men  of  less  understanding  by  experience  ;  the  most  ig 
norant  by  necessity,  and  beasts  by  nature."  The  mind  is  a  thing 
of  impulse,  of  quick  penetration ;  it  acquires  its  knowledge  of 
life  by  bounds  and  flights.  In  war,  literature,  and  statesmanship, 
the  greatest  exploits  of  the  most  renowned  men  have  been  per 
formed  at  an  early  age.  Hannibal  crossed  the  Alps  before  he  was 
twenty-four.  Alexander  the  Great  died  at  thirty-three;  Byron 
wrote  Childe  Harold  at  twenty-one.  Bonaparte  was  first  consul 
before  he  was  thirty.  "  Of  all  the  great  human  actions  ever  heard 
or  read  of,"  says  Montaigne,  "  of  what  sort  soever,  I  have  ob 
served,  both  in  former  ages  and  our  own,  more  have  been  per 
formed  before,  than  after  the  age  of  thirty;  and  oft-times  in  the 
very  lives  of  the  same  men.  May  I  not  confidently  instance 
those  of  Hannibal,  and  his  great  competitor,  Scipio?  The  better 
half  of  their  lives,  they  lived  upon  the  glory  they  had  acquired 
in  their  youth ;  great  men,  'tis  true,  in  comparison  with  others : 
but  by  no  means  in  comparison  with  themselves." 

On  the  other  side,  we  have  the  general  observation  of  mankind, 
that  those  who  have  been  most  successful  in  business,  have  gene 
rally  begun  life  with  "an  axe  and  a  tow-shirt,"  and  worked  them 
selves  gradually  up.  We  have  the  facts  that  Girard  was  a  poor 
man  at  thirty,  and  even  at  forty;  that  Rothschild  did  not  get  his 
capital  of  £20,000  till  after  he  was  thirty  years  old  :  that  at  thirty 
Astor  had  not  made  his  first  $1000,  which,  he  says,  was  harder  to 
make  than  all  the  others.  We  have  the  assertion  of  men  who 

5* 


54  A   PRACTICAL    TREATISE 

have  spent  twenty  years  in  their  avocation,  that,  although  they 
thought  themselves  wise  when  they  began,  they  were  exceedingly 
ignorant.  "We  have  the  knowledge  that  an  energetic  prosecution 
of  business  makes  large  draughts  on  the  physical  constitution ; 
and  the  assertion  of  medical  men  that  the  frame  does  not  harden 
till  thirty;  and,  lastly,  we  have  the  example  of  our  Saviour,  who, 
although  able  to  confound  the  doctors  at  twelve,  did  not  com 
mence  his  ministry  till  he  was  thirty  years  of  age.  Now,  when 
doctors  disagree,  who  shall  decide  ?  I  will  merely  remark,  that 
a  man  who  has,  or  can  obtain,  a  good  situation,  should  not  aban 
don  it  from  slight  reasons ;  that  the  task  of  the  employed  is  easier 
than  the  employer ;  and  that  the  reputation  of  doing  business  on 
one's  own  account  is  a  consideration  too  trifling  to  influence  a  wise 
man's  decision. 

Punctuality  is  the  hinge  of  business.  It  is  a  virtue  that  all 
men  reverence  in  theory,  but  all  do  not  carry  into  practice.  We 
like  a  punctual  man  because  he  respects  his  word,  and  has  a  re 
gard  for  our  convenience :  we  dislike  an  unpunctual  man,  because 
he  interferes  with  our  plans,  consumes  our  time,  causes  uneasy 
feelings,  and  impliedly  tells  us  that  we  are  not  of  sufficient  im 
portance,  in  his  estimation,  to  make  him  prompt.  Punctuality 
has  reference  to  time  engagements,  money  engagements,  and  en 
gagements  for  work.  It  is  a  quality  that  is  usually  found  in  con 
nection  with  other  good  qualities,  as  the  want  of  it  argues  the 
absence  of  other  essential  habits.  A  want  of  system,  defective 
calculation,  and  imprudence  in  making  promises  when  the  proba 
bilities  of  fulfilling  them  are  very  uncertain,  are  frequent  causes 
of  want  of  punctuality.  To  be  unpunctual  is  sometimes  consid 
ered  a  mark  of  consequence  by  little  great  men,  but  truly  great 
men  have  always  thought  differently.  Blackstone  was  punctual, 
and  could  never  be  made  to  think  well  of  any  one  notoriously 
defective  in  this  virtue.  Lord  Brougham,  while  a  kingdom 
seemed  to  be  resting  on  his  shoulders — who  presided  in  the  House 
of  Lords  and  the  Court  of  Chancery ;  who  gave  audience  daily  to 
barristers,  and  found  time  to  be  at  the  head  of  at  least  ten  associ 
ations  which  were  publishing  works  of  useful  knowledge — was  so 


ON   BUSINESS.  55 

punctual  that,  when  these  associations  met,  he  was  uniformly  in 
his  place  in  the  chair  when  the  hour  of  meeting  had  arrived. 

In  the  complexity  of  business  affairs,  it  is  not  always  possible 
to  be  punctual  in  all  things ;  but  it  is  always  possible  to  avoid  the 
infliction  of  trouble  and  uneasiness.  In  payments  of  money, 
creditors  generally  compel  their  debtors  to  fix  a  time  of  payment, 
and  these  promises  are  made,  and  understood  to  be  made,  condi 
tionally  on  the  fact  of  having  the  money  at  the  time,  which  is  not 
always  the  case.  When  this  occurs,  a  punctual  man  will  not 
keep  his  creditor  in  suspense  as  to  the  cause,  or  put  him  to  the 
trouble  of  calling  to  ascertain  it;  but  will  give  him  timely  intima 
tion  of  the  fact  ly  sending  him  a  note  or  an  agentj  or  calling  him 
self,  and  renew  the  promise.  A  man  who  does  so,  though  he 
fails  a  dozen  times  in  the  same  transaction,  is  more  worthy  of 
credit  than  the  clown  who,  besides  keeping  you  out  of  your  mo 
ney,  consumes  your  time,  and  causes  uneasy  and  unhappy  feelings. 

Perseverance  is  the  last  of  the  business  habits  that  we  have  to 
notice.  It  means  the  steady  pursuit  of  a  plan,  whether  good  or 
bad;  but  it  would  be  very  unwise  to  persevere  in  a  plan  which 
conscience  or  practice  had  proved  to  be  bad.  In  actual  life, 
where  there  are  so  many  different  pursuits,  and  different  ways  of 
doing  the  same  thing,  it  means  steadiness  in  the  execution  of 
whatever  plan  is  determined  upon.  Burgh  makes  mention  of  a 
merchant  who,  at  first  setting  out,  opened  and  shut  his  shop  every 
day,  for  several  weeks  together,  without  selling  goods  to  the  value 
of  two  cents,  who  by  the  force  of  application  for  a  course  of 
years  rose,  at  last,  to  a  handsome  fortune.  But  I  have  known, 
he  says,  many  who  had  a  variety  of  opportunities  for  settling 
themselves  comfortably  in  the  world,  yet  for  want  of  steadiness  to 
carry  any  scheme  to  perfection,  they  sank  from  one  degree  of 
wretchedness  to  another  for  many  years  together,  without  the  least 
hopes  of  ever  getting  above  distress  and  pinching  want.  There 
is  hardly  an  employment  in  life  so  trifling  that  it  will  not  afford  a 
subsistence,  if  constantly  and  faithfully  followed.  Indeed,  it  is 
by  indefatigable  diligence  alone  that  a  fortune  can  be  acquired  in 
any  business  whatever. 

The  accomplished  William  Wirt  says,  "  That  the  man  who  is 


56  A   PRACTICAL    TREATISE 

perpetually  hesitating  which  of  two  things  he  will  do  first,  will  do 
neither.  The  man  who  resolves,  but  suffers  his  resolution  to  bo 
changed  by  the  first  counter-suggestion  of  a  friend — who  fluctu 
ates  from  opinion  to  opinion,  from  plan  to  plan,  and  veers  like  a 
weathercock  to  every  point  of  the  compass,  with  every  breath  of 
caprice  that  blows,  can  never  accomplish  any  thing  great  or  useful. 
Instead  of  being  progressive  in  any  thing,  he  will  be  at  best  sta 
tionary,  and,  more  probably,  retrograde  in  all.  It  is  only  the 
man  who  carries  into  his  pursuits  that  great  quality  which  Lucan 
ascribes  to  Caesar,  nescia  virtus  stare  loco — who  first  consults 
wisely,  then  resolves  firmly,  and  then  executes  his  purposes  with 
inflexible  perseverance,  undismayed  by  those  petty  difficulties 
which  daunt  a  weaker  spirit,  that  can  advance  to  eminence  in  any 
line."* 

Did  you  ever  know  any  body/'  says  the  lamented  Neal,  "to 
stick  to  any  kind  of  business,  no  matter  how  unpromising,  ten 
years  at  mo^t,  who  did  not  prosper  ?  Not  one !  no  matter  how 
bad  it  might  be  in  the  beginning — if  he  stuck  to  it  earnestly  and 
faithfully,  and  tried  nothing  else,  no  matter  how  hard  he  found  it 
sometimes  to  keep  his  head  above  water,  still,  if  he  persevered, 
he  always  came  out  bright  in  the  long  run — didn't  he  ? — whatever 
it  might  have  been  at  the  beginning,  at  the  end  of  ten  years  he 
had  made  a  business  for  himself." 

These  are  the  qualities  that  are  included  in  the  term  Habits  of 
Business.  There  are  many  others  which  give  value  to  character 
and  accomplishment  to  mind,  but  these  are  essential  to  the  suc 
cessful  prosecution  of  business.  They  are  as  necessary  to  the 
clerk  as  to  the  employer — to  the  mechanic  as  to  the  merchant — to 
the  professional  man  as  to  the  mechanic — to  the  man  of  genius  as 
to  a  dull  man.  With  them,  a  man  of  the  most  ordinary  abilities 

*  The  magnetic  needle  and  the  weathercock  have  always  been  favorite 
illustrations  of  unsteadiness,  but  it  seems  to  me  they  are  examples  of 
steadiness  also.  The  mind  of  a  business  man  may  be  allowed  to  vibrate, 
for  that  the  needle  does ;  bu,t,  like  the  needle,  it  must  still  be  constant ; 
it  should  veer  like  a  weathercock,  with  changing  times  and  circumstances, 
but,  like  a  weathercock,  it  should  always  show  which  Way  "the  wind 
blows." 


ON    BUSINESS.  57 

may  hope  to  realize  a  competency  for  himself,  and,  with  favorable 
circumstances,  perhaps  a  fortune.  Without  them,  a  man  of  the 
most  brilliant  genius,  though  he  may  rise  speedily  and  dazzle  for 
awhile,  will  as  suddenly  dart  into  an  oblique  course,  and  sink  into 
oblivion.  Fortunate  is  he  who  acquires  them  early. 


58  A   PRACTICAL   TREATISE 


CHAPTER    IV. 
GETTING    MONEY. 

"  To  catch  Dame  Fortune's  golden  smile, 

Assiduous  wait  upon  her, 
And  gather  gear  by  every  wile, 

That's  justified  by  honor; 
Not  for  to  hide  it  in  a  hedge, 

Not  for  a  ti'ain  attendant ; 
But  for  the  glorious  privilege 

Of  being  independent." 

ST.  JAMES  says,  "  If  a  brother  or  a  sister  be  naked,  and  desti 
tute  of  daily  food,  and  one  of  you  say  unto  them,  Depart  in 
peace,  be  ye  warmed  and  filled ;  notwithstanding  ye  give  them 
not  those  things  which  are  needful  to  the  l>ody,  what  doth  it 
profit  ?"  And  how  can  we  give  without  first  getting  ?  Or  what 
excuse  can  there  be  for  not  having,  when  we  might  get  ?  To  get 
money,*  then,  seems  to  be  a  religious  duty,  as  well  as  a  necessity 
and  a  right,  and  needs  no  other  vindication. 

To  be  charitable  to  the  destitute  is  also  a  religious  duty.  But  to 
be  independent  ourselves,  and  have  the  ability  to  be  charitable  to 
others,  it  is  necessary  to  have  a  surplus.  No  one,  then,  has  any 
moral  right  to  limit  his  exertions  by  his  wants.  It  is  reasonable 
for  every  one  to  consider  himself  as  destined,  under  Providence,  to 
discharge  some  duty,  or  fill  some  station,  in  which  money  may  be 
a  valuable  means;  and  as  a  reward  for  continued,  energetic  exer 
tion,  there  is  a  pleasure  attached  to  the  process  of  accumulation. 
It  by  no  means  follows  that,  because  one  man  gets  more  than  the 
necessaries  of  life,  others  must  want  them.  The  earth  is  an  inex- 

*  I  use  the  word  money  in  its  popular  sense. 


ON    BUSINESS.  59 

haustible  mine,  in  which,  if  I  and  my  neighbors  work  four  hours  a 
day,  we  may  probably  get  sufficient  for  our  daily  wants }  but,  if  I 
continue  to  work  longer  than  they  do,  or  more  skilfully,  I  will 
probably  get  more.  The  claims  of  the  weak  and  the  unfortunate 
to  assistance  are  equally  binding  upon  us  all — those  that  have  a 
surplus,  and  those  who  have  not ;  but  with  my  surplus,  if  I  choose, 
I  can  have  the  happiness  of  relieving  my  co-laborers  from  their 
support.  The  getting  of  money,  and  the  proper  use  of  money,  are 
distinct  subjects,  and  must  not  be  confounded.  It  is  right  that 
every  man  should  get  all  the  money  he  can  under  proper  limita 
tions,  and  it  is  also  incumbent  upon  him  to  make  good  use  of  it, 
in  conformity  with  the  dictates  of  reason,  and  the  commands  of 
his  Creator. 

"  To  get  all  we  can,  and  keep  all  we  get,"  is  a  doubtful  natural 
right,  and  certainly  only  applicable  in  a  state  of  nature.  In  civi 
lized  life,  there  are  limitations  upon  the  right  of  getting,  and  re 
strictions  upon  the  right  of  keeping.  As  population  increased,  it 
may  be  reasonably  presumed  that  the  good  old  rule — 

"  The  simple  plan 

•        That  they  shall  take  who  have  the  power, 
And  they  shall  keep  who  can," 

did  not  answer  well  in  practice,  and  men,  for  the  better  security  of 
that  which  they  possessed,  consented  to  limit  their  right  of  indis 
criminate  acquisition  by  certain  rules }  and  upon  this  consent  are 
founded,  and  these  rules  are  called,  the  laws  of  the  land.  The 
Creator  of  both  world  and  man  has  been  pleased  to  aid  men  on 
their  journey  to  happiness,  by  the  revelation  of  his  will;  and,  in 
so  far  as  it  relates  to  the  acquisition  of  property,  the  natural  right 
of  accumulation  is  still  further  limited  by  his  will,  which  may  be 
termed  the  moral  law.  As  business  became  complex,  it  was  found 
that  the  laws  of  the  laud  were  too  general,  and  the  obligations  of 
morality  too  weak,  to  induce  right  action  in  all  cases ;  and  it  was 
necessary  to  establish  still  another  limitation,  with  the  severest  of 
all  penalties  to  an  unimbruted  mind,  the  discountenance  of  honor- 
able  men.  Hence,  a  man  has  the  right,  and  it  is  his  duty  to  get 


60  A   PRACTICAL   TREATISE 

all  the  money  lie  can,  consistently  with  a  due  obedience  to  the  laws 
of  the  land,  the  moral  laws,  and  the  laws  of  honor. 

The  laws  of  the  land,  or  human  laws,  comprehend  all  those 
rules  of  conduct  which  originate  in  the  wisdom  of  man  individually 
or  collectively  considered,  and  which  are  designed  to  regulate  their 
behavior  to  one  another  in  society,  and  which  are  enforced  by 
human  authority  and  worldly  sanction.  They  are  rules  of  conduct, 
proceeding  from  the  will  of  those  who  by  nature  are  on  a  level  with 
the  rest  of  mankind,  but  who  have  the  consent  of  the  others  to 
govern  them  for  their  temporal  or  political  good.  Every  law  has 
two  branches,  the  one  declaratory,  and  the  other  penal ;  the  former 
defines  the  rights  to  be  observed,  or  the  wrongs  to  be  eschewed, 
and  the  other  signifies  what  penalty  shall  be  incurred  by  those  who 
disregard  these  rights,  or  commit  these  wrongs.  Hence,  there  are 
two  ways  by  which  a  conscientious  man  can  obey  a  law  that  has  no 
other  sanction  than  the  power  of  civil  authority ;  the  one  is  by  ob 
serving  the  declaratory  part  of  the  law,  and  the  other  is  by  disre 
garding  that,  and  suffering  the  penalty ,  in  either  case,  the  law  is 
obeyed  and  satisfied.  Human  laws,  as  they  proceed  from  men  no 
wiser  than  ourselves,  are  full  of  imperfections ;  and  he  who  has  no 
other  standard  of  morality  than  the  laws  of  the  land  may  be,  and 
probably  is,  a  villain. 

Moral  laws  are  of  higher  origin  and  greater  force.  They  are 
identical  with  the  will  of  God,  as  learned  from  two  sources :  first, 
express  revelation  ;  and,  secondly,  the  light  of  nature,  or  tendency 
of  any  action  to  promote  or  diminish  the  general  happiness.  Where 
the  Great  Creator  has  expressly  made  known  his  will,  "  it  sure 
becomes  the  creature"  to  obey.  "  Thou  shalt  not  steal,"  is  a  plain 
command,  and  plainly  forbids  one  mode  of  getting  money.  But 
where  his  will  is  not  so  plainly  manifest,  we  must  inquire  of  our 
reason,  in  order  to  determine  whether  an  action  we  are  about  to 
do  be  right  or  wrong  in  view  of  morality,  what  would  be  the  effect 
on  the  general  happiness  of  mankind,  if  such  action  was  generally 
permitted  f  God  has  plainly  designed  the  happiness  of  his  crea 
tures,  as  may  be  seen  in  the  construction  of  the  world  and  of  man. 
tl  If  he  had  wished  our  misery,  he  might  have  made  sure  of  his 


ON    BUSINESS.  61 

purpose,  by  forming  our  senses  to  be  so  many  sores  and  pains  to 
us,  as  they  now  are  instruments  of  gratification  and  enjoyment;  or 
by  placing  us  amidst  objects  so  ill  suited  to  our  perceptions  as  to 
have  continually  offended  us,  instead  of  ministering  to  our  refresh 
ment  and  delight.  He  might  have  made  every  thing  we  tasted 
bitter ;  every  thing  we  saw  loathsome ;  every  thing  we  touched  a 
sting  ;  every  smell  a  stench  ;  and  every  sound  a  discord/7  What 
ever,  therefore,  would  tend,  if  generally  done  or  allowed,  to  increase 
the  happiness  of  mankind,  is  in  conformity  with  His  will,  and 
whatever  would  produce  evil,  or  inconvenience,  or  misery,  is  a 
violation  of  the  moral  law.  Here  we  arrive  at  the  foundation  of 
the  obligation  of  contracts.  Hence,  I  am  obliged  to  keep  my  icord, 
to  perform  my  promises,  to  execute  my  contracts  ;  because,  if  gene 
rally  disregarded,  there  would  be  an  end  to  confidence,  which  is 
essential  in  all  the  relations  of  life,  and  to  the  existence  of  hap 
piness. 

The  obligation  of  promises  is  to  be  measured  by  the  expectation 
which  the  promiser  voluntarily  and  knowingly  excites ;  and,  there 
fore,  Moral  Philosophy,  which  is  one  of  the  interpreters  of  moral 
law,  has  deduced  a  rule  governing  the  construction  of  contracts, 
which  is  that — 

Whatever  is  expected  ~by  one  side,  and  known  to  lie  so  expected 
~by  the  other,  is  to  be  deemed  a  part  or  condition  of  the  con 
tract. 

Incidental  to  this,  and  included  in  it,  there  are  two  other  rules 
which  are  of  daily  and  hourly  application  in  the  business  of  life. 
The  first  is,  that  the  seller  is  bound  in  conscience  to  disclose  the  faults 
of  what  he  has  to  sell. 

The  buyer  expects  a  certain  article,  or  an  article  of  a  certain 
quality — and  the  seller  knows  that  he  expects  it;  hence  he  is  bound 
to  furnish  such  an  article,  or  make  known  its  faults.  The  man 
who  advances  a  direct  falsehood,  in  recommendation  of  an  article, 
is  called  a  cheat.  He  who  conceals  faults  which  he  knows  it 
possesses,  acts  from  the  same  motive,  viz.,  to  procure  a  higher  price 
than  he  could  otherwise  expect,  and  the  effect  to  the  prejudice  of 
the  buyer  is  precisely  the  same.  This  is  a  just  and  a  practical 

6 


62  A   PRACTICAL   TREATISE 

rule,  for  it  is  obligatory  on  all  alike,  from  the  manufacturer  to  the 
retailer,  and  on  all  who  buy  and  sell.* 

The  second  rule  is  that  the  price  which  the  seller  asks  or  charges 
for  his  merchandise  is  impliedly  the  market  price.  "  Where  there 
exists  no  monopoly  or  combination,"  says  Paley,  "  the  market  price 
is  always  a  fair  price ;  because  it  will  always  be  proportionate  to 
the  use  and  scarcity  of  the  article." 

"  Whoever  opens  a  shop,  or  in  any  manner  exposes  his  goods  to 
public  sale,  virtually  engages  to  deal  with  his  customers  at  a  market 

*  The  temptations  to  a  violation  of  this  rule  in  trade,  and  many  of  the 
complaints  of  cheating,  arise  from  two  causes — a  want  of  ability  on  the  part 
of  the  merchant,  and  a  want  of  honesty  on  the  part  of  the  consumer.  A 
defective  buyer  is  strongly  tempted  to  sell,  as  he  buys,  an  inferior  article 
for  a  better.  There  is  an  unfortunate  idea  abroad  that  "  off-handedness"  is 
a  sign  of  a  smart  business  man.  Sellers  like  this  quality  in  buyers,  as  it 
saves  them  trouble  and  gives  them  chances ;  and  they  always  praise  it. 
There  are  some  men  whose  first  thoughts  are  the  best ;  but  there  are  others, 
slower  in  conception,  who  affect  it ;  and  frequently  find  their  tongues  are 
more  "  off-hand'1  than  their  wits.  They  go  off  "  half  cock'd"  in  buying,  and 
must  cheat  in  selling,  or  lose.  Those  who  are  careless  in  buying  should  be 
careful  to  deal  with  reputable  houses,  who  make  it  a  point  to  consult  the 
interest  of  the  buyer,  as  much  as  to  get  his  money. 

Consumers  are  not  always  honest.  Persons  go  into  a  store,  and  inquire  for 
a  certain  article  ;  it  is  shown  them,  and  a  fair  price  asked.  At  once  they  ob 
ject,  and  try  to  get  it  for  three-fourths  its  value.  Probably  an  article  worth 
about  what  they  offer  is  shown  them,  leaving  them  to  infer  that  it  is  as  good 
as  the  other :  they  take  it,  and  think  they  have  got  a  great  bargain.  When 
they  discover  the  difference,  they  complain  loudly  about  being  cheated.  Is 
this  cheating  ?  It  is  an  admitted  exception  to  the  rule  in  the  case  of  a 
person  who  buys  a  horse  at  public  auction  without  warranty,  when  it  is 
usual  to  warrant,  and  I  am  disposed  to  consider  this  as  another.  The  buyer 
in  both  cases  has  a  compensation  in  the  price,  and  the  fact  of  its  being  a 
bargain  is  always  sufficient  to  excite  suspicion,  and  put  him  on  his  guard. 
This  habit  in  customers  has  led  some  men  to  impose  an  extra  price  on  their 
goods,  in  expectation  of  falling,  and  thus  to  wrong  persons  who  act  on  a 
different  plan.  To  avoid  trouble  and  imposition,  it  seems  best  not  to  go  a 
whopping  at  all ;  to  select  reputable  houses — ahvays  giving  the  preference 
io  those  who  would  be  essentially  beneflttcd  by  our  custom — from  whom  we 
buy  regularly,  and  with  whom  we  have  a  fair  understanding.  The  one 
price  system  rs  a  good  one  if  rigidly  adhered  to. 


ON   BUSINESS.  63 

price ;  because  it  is  upon  the  faith  and  opinion  of  such  an  engage 
ment  that  any  one  comes  within  his  shop  doors,  or  offers  to  treat 
with  him.  This  is  expected  by  the  buyer;  is  known  to  be  expected 
by  the  seller :  which  is  enough,  according  to  the  rule  delivered 
above,  to  make  it  a  part  of  the  contract  between  them,  though  not 
a  syllable  be  said  about  it.  The  breach  of  this  implied  contract 
constitutes  the  fraud.  Hence,  a  man  who  disclaims  such  engage 
ment  may  set  what  price  he  pleases  on  his  property." 

There  are  many  interesting  questions  in  casuistry,  which  scholi 
asts  have  propounded  and  discussed  with  various  conclusions,  to 
which  we  need  not  refer ;  but  there  is  one  tjjat  originated  with 
Cicero,  and,  having  been  treated  by  nearly  all  the  writers  on  morals 
since  his  day,  we  cannot  omit  it  without  incurring  the  charge  of 
oddity.  A  corn  merchant  of  Alexandria  arrived  at  Rhodes  in  time 
of  great  scarcity,  with  a  cargo  of  grain,  and  with  the  knowledge 
that  a  number  of  other  vessels  laden  with  corn  had  already  sailed 
from  Alexandria  for  Rhodes,  and  which  he  had  passed  on  the  pass 
age;  was  he  bound  in  conscience  to  inform  the  buyers  of  that  fact? 
Cicero  decides  that  he  was ;  Chancellor  Kent  intimates  that  he 
Was.  Dr.  Dewey,  in  a  late  work,  devotes  one  or  two  pages  to  this 
question,  and  decides  that  he  was ;  but  informs  us  that  Grotius, 
Puffendorf,  and  Pothier,  dissent  from  this  opinion  with  careful 
qualifications.  Dr.  Dewey  bases  his  decision  upon  the  presumption 
that  every  man  in  asking  a  price  impliedly  says,  that  the  price  asked 
is  in  his  opinion  the  fair  value  of  the  article — that  it  is  worth  it. 
It  is  singular  that  he  should  make  this  presumption,  inasmuch  as 
he  had  previously  laid  down  the  true  doctrine  that  "  there  can  be  no 
such  thing  as  abstract  value.  The  worth  of  a  thing  depends  on  the 
want  of  it."  "  The  value  of  a  thing  is  the  market  price  of  it.  This 
is  the  only  intelligible  idea  of  value,  and  the  only  reasonable  ad 
justment  of  price."  Now,  market  price  is  the  result  of  competition 
among  buyers,  and  is  constantly  fluctuating.  In  the  case  of  the 
corn  merchant  it  is  to  be  presumed  that  he  had  little  to  do  in  fix 
ing  the  price;  that  he  took  what  was  offered,  after  fair  competition; 
or  in  other  words  the  market  price  at  the  time  of  the  sale,  without 
regard  to  the  market  price  some  days  hence,  when  the  other  ves 
sels  might  arrive.  Dr.  Dewey  states  a  case.  Suppose  that  the 


64  A   PRACTICAL   TREATISE 

people  of  Rhodes  had  been  suffering  a  famine,  and  this  merchant 
had  taken  all  their  disposable  property  as  the  price  of  life,  and 
borne  it  off,  all  the  while  knowing  that  bountiful  supplies  were  at 
hand,  what  should  we  have  said  ?  He  answers,  that  his  perfidy 
would  -have  been  equal  to  his  cruelty,  and  he  would  have  been  both 
a  pirate  and  a  villain.  But  scarcity  is  not  famine.  Famine  or 
danger  of  starvation  would  have  given  them  the  right  to  take  the 
grain  without  the  owner's  leave  or  any  payment  at  all,  except  a 
fair  restitution  when  it  was  in  their  power.  We  can  imagine 
many  questions  that  would  have  had  as  much  effect  in  depressing 
the  market  price  as  the  fact  that  other  vessels  might  shortly  arrive. 
Suppose  that  the  merchant  was  "short"  of  cash;  that  he  must 
sell ;  that  there  was  an  execution  out  against  him,  and  the  sheriff 
would  be  down  on  him  in  a  few  hours ;  when  they  could  have  got 
the  grain  at  their  own  price,  was  he  bound  in  conscience  to  reveal 
that  fact  ?  This  is  a  question  of  superior  information  as  much  as 
the  other.  I  can  imagine  a  state  of  society  in  which  my  opinion 
in  both  of  these  cases  would  be  in  the  affirmative }  but  it  must  be 
remembered  that  mercantile  business  is  an  artificial  sphere,  which 
men  have  created  to  increase  their  comforts,  and  occupy  their  minds, 
and  in  which  they  have  the  right  to  lay  down  what  rules  they  choose, 
provided  they  do  not  contravene  any  plain  laws  of  nature  or  reve 
lation.  The  golden  rule,  "  Do  unto  others  as  you  would  have  them 
do  unto  you,"  is  in  such  cases  to  be  interpreted  with  a  view  to  es 
tablished  customs  in  trade.  Wisdom  consists  in  adopting  such  rules 
as  tend  to  make  the  business  an  agreeable  pursuit ;  and  I  am  seri 
ously  of  opinion  that  it  would  promote  the  happiness  of  the  greater 
number  to  do  away  with  superior  information  in  matters  of  con 
tract  altogether ;  but,  while  it  is  allowable  by  general  consent,  a 
man  can  act  honestly  in  conformity  with  the  rule. 

There  is  another  question.  Is  a  man  who  has  failed  in  business, 
and  been  discharged  from  his  legal  obligations  by  the  act  of  his  cre~ 
ditors,  morally  bound  to  pay  his  old  debts  whenever  he  has  the 
means  to  do  so?  This  is  a  delicate  question,  for  which  no  rule  can 
Se  given  that  is  applicable  in  all  cases.  In  the  event  of  failure, 
the  debtor  is  always  bound  to  examine  his  conscience  and  see 
whether  he  has  acted  with  fraud,  misrepresentation,  carelessness, 


ON   BUSINESS.  65 

or  extravagance,  and  if  so,  he  is  morally  bound,  when  able,  to  pay 
to  the  uttermost  farthing ;  but  if  he  is  satisfied  that  he  has  not,  I 
cannot  think  it  would  promote  the  happiness  of  society  to  establish 
the  doctrine  of  moral  liability.  The  majority  of  those  who  engage 
in  business,  strictly  so  called,  fail  at  least  once  in  their  lifetime, 
and  if  there  were  any  obligation  resting  upon  them  to  pay  their  old 
debts,  and  they  practically  felt  its  force,  the  wheels  of  business 
would  stop,  or  drag  along  in  heaviness  and  labor.  A  load  of  old 
debts  is  more  than  poor  human  nature  can  bear ;  but  a  legal  dis 
charge,  that  is  not  also  a  moral  one,  is  a  mere  fiction.  There  need 
be  no  fear  of  harm  in  deciding  this  question  in  the  negative,  for 
honest  men  alone  are  interested  in  its  settlement.  Rogues  care 
nothing  for  moral  nor  legal  obligation  if  they  can  evade  it.  We 
would  say,  then,  that  the  moral  liability  to  pay  debts  rests  solely 
on  the  general  moral  obligation  to  perform  promises.  There  is  no 
scriptural  injunction  that  I  am  aware  of,  which  says,  Pay  your 
debts.  It  is  true,  St.  Paul  says,  "  Owe  no  man  any  thing,  but  to 
love  one  another  -"  but  this,  if  interpreted  strictly,  would  prevent 
the  creation  of  a  debt.  Debts  being  then  not  more  sacred  than 
promises,  they  follow  the  general  condition  of  promises.  Now,  a 
promise  may  be  released  in  conscience  as  well  as  at  law,  and  when 
released  is  no  longer  binding.  This  is  evident.  If  I  promise  a  man 
to  go  to  a  certain  place  and  he  afterwards  excuse  me  from  going, 
I  am  certainly  not  bound  to  go,  and  it  matters  not  what  reasons 
induced  the  release,  provided  it  be  not  compulsory,  or  caused  by 
any  wrongful  act  of  the  promisor,  for  no  man  has  a  right  to  take 
advantage  of  his  own  wrong. 

In  all  cases  of  credit,  where  there  are  no  words  or  acts  of  especial 
trust  and  confidence,  the  relation  of  buyer  and  seller,  of  borrower 
and  lender,  is  one  of  mutual  promise  and  mutual  risk.  The  seller 
impliedly  promises  to  deal  fairly,  and  charges  a  profit  proportionably 
to  his  opinion  of  the  risk ;  and  the  buyer  agrees  to  make  a  fair  re 
presentation  of  his  circumstances,  to  act  with  such  prudence,  and 
to  live  with  such  economy  that  he  may  reasonably  hope  to  pay  his 
debts,  and  where  both  parties  act  in  good  faith,  but  the  buyer  is 
compelled  to  fail,  a  full  surrender  of  property  is  as  much  as  the 
creditor  can  ordinarily  demand  in  justice. 

6* 


66  A    PRACTICAL    TREATISE 

Credit  originates  with  men  of  large  capital  with  a  view  to  in 
creased  profit,  and  partakes  largely  of  the  nature  of  agency.  Agency 
and  credit  in  a  commercial  eommunity  are  necessary  and  eminently 
beneficial ;  they  should  be  used  in  perfect  good  faith,  and  guarded 
by  the  nicest  honor ;  but  where  misfortune  occurs,  it  is  a  miscon 
ception  of  justice  that  all  loss  shall  fall  on  the  agent  and  none  on 
the  real  owner  of  the  property. 

But  in  all  doubtful  questions  of  principle,  a  man  must  consult 
his  own  conscience,  and  be  governed  by  the  decision. 

In  the  majority  of  failures,  I  believe  there  are  circumstances 
known  to  the  conscience  of  the  individual,  which  render  it  obliga 
tory  upon  him  to  make  reparation,  and  all  that  I  would  contend 
for  is  that  there  shall  be  no  universal  public  rule  that  will  cast  a 
stigma  upon  those  who  feel  no  such  obligation.  Every  man  knows 
with  as  much  certainty  as  he  can  know  any  thiug,  whether  he  has  a 
good  conscience  or  no.  The  very  meaning  of  conscience  is  the 
knowledge  which  the  mind  has  of  the  true  springs  and  motives 
that  have  governed  the  actions,  and  the  judgment  either  of  appro 
bation  or  censure  which  it  makes  upon  them;  and  it  is  well  to  leave 
a  good  deal,  both  in  law  and  in  morals,  to  this  judgment  of  the 
individual,  which  he  may  do  or  not  do,  as  he  sees  proper.  In  lay 
ing  down  principles,  there  is  danger,  by  asking  too  much,  of  losing 
all.  A  law  that  is  generally  broken  or  evaded  is  worse  than  no 
law ;  a  moral  rule  that  is  impracticable  weakens  the  sense  of  moral 
obligation,  and  leads  to  a  disregard  of  other  rules  of  vital  import 
ance.  The  creed  that  would  take  away  from  the  individual  the 
right  of  controlling  his  actions  by  his  judgment,  and  reduce  every 
thing  to  a  system,  like  the  theory  that  would  deny  to  energy  and 
skill  rewards  superior  to  indolence  and  ignorance — that  would  yoke 
the  Arabian  steed  and  the  ox  in  the  same  plough — is  false  in  policy, 
and  immoral  in  tendency. 

The  only  limitation  upon  the  indiscriminate  acquisition  of  money 
that  remains  to  be  considered  is  that  of  honor.  In  a  populous  com 
munity,  where  business  is  complex,  and  interest  powerful,  it  is 
necessary  to  have  a  court  of  chancery  to  law  and  honesty.  This 
is  the  object  of  the  court  of  honor.  Its  decrees  are  not  written  in 
a  code,  nor  are  its  proceedings  regulated  by  rules  and  formulas. 


ON    BUSINESS.  67 

Its  seat  is  in  the  bosom  of  nature's  noblemen,  and  its  power  is 
manifested  in  the  infinite  variety  of  unwitnessed  transactions,  and 
the  extended  confidence  of  commercial  intercourse.  Without 
honor,  commerce  must  stop  at  every  step  to  prepare  her  writings ; 
and  suspicion,  like  a  heavy  armor,  would  impede  the  march  of  en 
terprise.  "  It  ought  to  tempt  one,"  says  Chalmers,  "  to  be  proucl 
of  his  species,  when  he  looks  upon  the  faith  reposed  in  a  merchant 
by  a  distant  correspondent,  who  without  one  other  hold  of  him 
than  his  honor,  confides  to  him  the  wealth  of  a  whole  flotilla,  and 
sleeps  in  the  confidence  that  it  is  safe.  It  is,  indeed,  an  anima 
ting  thought,  amid  the  gloom  of  a  world's  depravity,  when  we  be 
hold  the  credit  which  one  man  puts  in  another,  though  separated 
by  seas  and  continents ;  when  he  fixes  the  anchor  of  a  sure  and 
steady  dependence  on  the  reputed  faith  of  one  whom  he  never  saw; 
when  with  all  his  fears  for  the  treachery  of  the  various  elements 
through  which  his  property  must  pass,  he  knows  that,  should  it 
arrive  at  the  door  of  his  agent,  his  fears  and  suspicions  may  be  at 
an  end.  "We  know  nothing  finer  than  such  an  act  of  homage 
from  one  being  to  another,  when  perhaps  the  diameter  of  a  globe 
is  between  them ;  nor  do  we  think  that  either  the  renown  of  her 
*  victories,  or  the  wisdom  of  her  counsels,  so  signalizes  the  country 
in  which  we  live  as  does  the  honorable  conduct  of  her  merchants, 
or  the  awarded  confidence  of  those  men  of  all  tribes  and  colors 
and  languages,  who  look  to  our  agency  for  the  faithfulness  of  all 
management,  and  to  our  keeping  for  the  most  inviolable  of  all 
custody." 

Honor  is  the  foster-parent  of  credit.  Who  would  trust  his  pro 
perty  in  the  hands  of  another,  looking  to  the  law  alone  for  repay 
ment  ?  Honor  is  the  patron-saint  of  business.  WTho  would  take 
upon  himself  the  immense  load  of  labor  necessary  to  do  business 
if  no  man's  word  could  be  relied  upon  ?  Business  would  degen 
erate  into  petty  traffic,  and  society  retrograde  into  barbarism. 
Honor  is  to  business  men  what  courage  is  to  the  soldier,  what  zeal 
is  to  the  advocate,  or  impartiality  to  the  judge. 

A  man  violates  the  laws  of  honor,  when  he  uses  information 
confidentially  intrusted  to  him,  to  anticipate  the  informer.  A 
man  violates  the  laws  of  honor  when  he  takes  the  advantage  of 


68  A    PRACTICAL   TREATISE 

another's  unskilfulness,  or  inexperience,  or  the  technicalities  of 
the  law,  to  impose  upon  him.  A  man  acts  dishonorably  when  he 
does  not  make  sacrifices  to  pay  his  debts  promptly  ;  when  he  gives 
his  rivals  in  business  a  worse  reputation  than  he  knows  they  de 
serve  ;  when  he  attempts  to  raise  the  market  price  on  another 
buyer  ;  when  lie  sells  below  the  market-price  to  get  away  his 
neighbor's  customers ;  when  he  is  unmindful  of  favors ;  when  he 
does  not  allow  his  clerks  ancl  dependents  to  share  in  his  prosper 
ity;  and,  in  all  cases,  when  he  does  acts  which,  if  thoroughly 
understood,  would  tend  to  lower  him  in  the  estimation  of  his  cus 
tomers,  or  of  any  good  man. 

Merchants  !  pardon  a  word  of  appeal.  When  the  storms  of  a 
faithless  ocean  have  sent  your  ships  to  the  bottom ;  when  markets 
fall,  and  hope  dies ;  when  the  gaunt  demon  of  bankruptcy  stares 
you  in  the  face,  grasp  hold  of  the  sheet-anchor  of  honor,  and 
never  let  go.  Write  to  your  correspondents  as  Francis  I.  did  to 
his  royal  mother  :  "  All  is  lost  but  honor."  The  day  will  succeed 
the  night;  the  storm  will  pass  by;  the  sun  will  shine  again;  and 
"  the  flower  will  bless  the  cloud  when  it  hath  passed  by." 

Business  men  of  America !  Get  money.  Get  an  abundance 
of  it ;  but  get  it  honorably.  Elevate  your  business.  Remember 
that  the  more  elevated  the  business  character,  the  more  easy  it 
will  be  to  get  money.  Talk  not  of  the  baseness  of  commerce,  or 
the  corrupting  nature  of  business.  It  is  men's  willingness  to  be 
corrupted  that  makes  them  corrupt;  it  is  men's  dishonorable  ac 
tions  that  cast  a  stigma  upon  business.  Let  each  one  who  believes 
in  the  right,  take  his  stand  and  boldly  maintain  it.  Frown  down 
all  tricks ;  all  cunning ;  all  those  winding  and  crooked  courses : 
"  The  goings  of  the  serpent,  which  goeth  basely  upon  the  belly 
and  not  upon  the  feet."  Brand  the  man,  who  violates  confidence 
and  abuses  trust,  as  a  thief.  Remember  the  public  credit  of  this 
nation  is  in  your  keeping.  If  you  are  tricky,  faithless,  and  dis 
honorable,  such  will  be  the  American  character  in  all  parts  of  the 
globe.  Let  your  stores,  warehouses,  and  marts  be  temples  conse 
crated  to  honor.  Inscribe  over  the  doors  :  {( Who  comes  within 
these  walls  is  safe."  Let  it  be  said  of  American  business  men  as 


ON   BUSINESS.  69 

it  was  said  of  ancient  Tyre :  "  Her  merchants  were  princes,  and 
her  traffickers  the  honorable  of  the  earth." 

"  The  fear  o'  hell's  a  hangman's  whip, 

To  haud  the  wretch  in  order ; 
But  where  you  feel  your  honor  grip, 

Let  that,  aye  be  your  border. 
Its  slightest  touches  instant  pause, 

Debar  a'  side  pretences ; 
And  resolutely  keep  its  laws, 

Uncaring  consequences." 

Having  considered  the  limits  within  which  we  may  get  money, 
we  must  now  proceed  to  inquire  how  we  shall  get  it.  It  may  be 
remarked,  in  the  first  place,  that  all  business  has  its  origin  in 
wants,  and  the  object  of  business  is  to  supply  wants.  Hence,  our 
first  important  step  would  be  to  discover  or  fix  upon  some  general 
want  which  we  could  supply  on  terms  as  favorable  as  any  one  else 
can  do,  or,  in  other  words,  to  choose  some  regular  business,  as  we 
are  presumed  to  have  done.  But,  as  political  economists  have 
satisfactorily  demonstrated  that  all  useful  employments  are  equally 
productive  and  profitable  (for  when  one  is  known  to  pay  more  than 
the  average  rate  of  profit,  hundreds  rush  into  it,  and  soon  reduce 
it  to  the  ordinary  level,)  it  is  a  matter  of  less  importance  what 
pursuit  we  follow,  provided  we  are  adapted  to  it,  than  how  we 
manage  it.  A  man  who  can  lay  by,  regularly,  $500  a  year,  will 
be  certain  to  become  a  rich  man  if  his  life  be  spared  to  a  reasona 
ble  age,  while  he  who  makes  $10,000  in  one  year,  and  loses  a  larger 
amount  the  next,  will,  very  probably,  be  dependent  on  the  charity 
of  friends  for  support  in  old  age.  A  man,  in  New  York,  is  reported 
to  have  made  $60,000  by  selling  lead-pencils  about  the  streets,  at 
a  penny  apiece,  and  safely  investing  his  profits,  while  it  is  not  an 
unfrequent  occurrence  to  hear  of  men  who  commenced  life  with  a 
capital  larger  than  that,  afterwards  reduced  to  the  necessity  of  fol 
lowing  a  similar  employment  for  a  livelihood. 

A  man  who  intends  to  make  money,  not  merely  to  try  his 
chances,  must  look  first  to  the  safety  of  his  business.  It  is  a  well- ' 
ascertained  fact  that  those  occupations  which  are  the  most  useful 


70  A   PRACTICAL    TREATISE 

are  the  safest,  and  that  those  commodities  which  can  least  be  dis 
pensed  with,  pay,  in  the  aggregate,  the  largest  profits.  The  demand 
for  them  is  stimulated  by  actual  want,  and  grows  with  every  in 
crease  of  the  means  of  production.  It  is  a  comparatively  rare 
occurrence  for  those  who  deal  in  superfluities  to  get  rich,  as  they 
are  subject  to  continual  losses  from  changes  in  the  fashions,  and  a 
hundred  circumstances  beyond  their  control ;  and  Say  has  truly 
remarked,  "  The  most  fashionable  tradesmen  are  oftenest  in  the 
list  of  bankrupts/'  Next  to  the  supply  of  indispensable  wants, 
those  kinds  of  business  are  the  safest  which  are  concerned  in  the 
production,  manufacture,  or  sale  of  articles  of  general  conve 
nience,  and  on  which  a  large  percentage  of  profit  can  be  made, 
though  the  cost  to  the  consumer  is  'inconsiderable.  Secondly,  a  man 
must  look  to  the  safety  of  his  investments.  Land  is,  undoubtedly, 
a  safe  and  profitable  investment  in  this  country,  and  the  largest 
fortunes  have  been  made  by  a  rise  in  the  value  of  real  estate. 
When  we  reflect  that  the  population  of  this  country  is  increasing 
at  the  rate  of  three  per  cent,  per  annum,  and  that,  in  less  than 
half  a  century  hence,  within  the  lives  of  many  of  us,  this  country 
will  contain  one  hundred  millions  of  inhabitants,  it  requires  no 
gift  of  prophecy  to  foresee  that  land,  in  good  locations,  is  destined 
to  reach  a  point  which  would  now  seem  visionary.  But,  in  ma 
king  investments  in  land,  or  in  any  thing  else,  a  man  must  be  care 
ful,  unless  he  wishes  to  become  a  land-speculator,  which  is  a  busi 
ness  no  safer,  nor  more  profitable  in  general,  than  any  other,  and 
which  must  be  managed  on  the  same  principles,  that  he  does  not 
withdraw  from  his  business  more  than  the  actual  surplus  profits 
not  needed  to  insure  its  future  productiveness.  Thirdly,  a  man 
who  intends  to  make  money  must  understand  the  true  principles 
of  business. 

As  this  is  a  matter  of  great  importance,  and  not  well  under 
stood,  we  may,  probably,  derive  hints  that  will  be  valuable  in  all 
kinds  of  business,  from  a  consideration  of  the  best  modes  of  man 
aging  a  few  of  the  most  prominent  pursuits. 


ON   BUSINESS.  71 


CHAPTER    V. 

GETTING  MONEY  BY  FAKMING. 

"  THEHE  seem  to  be  but  three  ways  for  a  nation  to  acquire  wealth.  The 
first  is  by  war,  as  the  Romans  did,  in  plundering  their  neighbors ;  this  is 
robbery.  The  second  by  commerce,  which  is  frequently  cheating.  The 
third  by  agriculture,  the  only  honest  way,  wherein  a  man  receives  a  real 
increase  of  the  seed  thrown  into  the  ground  in  a  kind  of  continued  miracle 
wrought  by  the  hand  of  God  in  his  favor,  as  a  reward  for  his  innocent  life 
and  his  virtuous  industry." — FRANKLIN. 

AGRICULTURE  needs  no  eulogy.  Learned  men  in  all  ages,  phi 
losophers,  statesmen,  orators  from  Cicero  to  Kossuth,  have  done 
themselves  honor  and  "  appeased  the  gods"  by  laying  their  good 
will  offerings  on  the  altars  of  agriculture.  It  is  enough  to  know 
that  it  is  the  first-horn  of  civilization,  the  mother  of  wealth,  and 
the  heaven  appointed  employment  of  mankind.  I  believe  it  would 
promote  the  general  happiness  of  society  to  inculcate  the  doctrine 
that  farming  is  the  destined  occupation  of  all  men  at  birth,  and 
that  he  who  forsakes  it  for  other  pursuits  must  show  substantial 
reasons  for  the  departure  to  entitle  him  to  encouragement.  A  man 
who  possesses  eminent  mechanical  ingenuity  had  better  be  a 
mechanic;  he  who  is  thoroughly  fitted  by  nature  and  education  is 
justified  in  being  a  public  teacher ;  and  he  who  is  born  to  be  a  dis 
tributor  of  the  earth's  products  may  be  a  merchant :  but  all  should 
show  evidences  of  capability  for  the  pursuit  to  entitle  them  to  the 
rewards  due  only  to  ability.  In  agriculture,  the  Creator  has  fur 
nished  a  safe  and  healthy  employment  for  all  men.  He  has 
endowed  certain  men  with  peculiar  talents  suited  to  the  excep 
tional  kinds  of  business ;  those  who  are  diligent  or  fortunate  in 
the  discovery  of  his  will  in  regard  to  themselves  find  success  and 
happiness  ;  those  who  thrust  themselves  into  employments  for  which 


72  A   PRACTICAL   TREATISE 

they  are  unfitted,  from  unworthy  motives,  must  suffer  the  penalties 
of  violated  law.  As  a  necessary  consequence  of  this  doctrine, 
every  one  should  learn  the  art  of  farming  first,  a  knowledge  of 
which  would  be  of  great  advantage  to  every  poor  man  at  least. 
But  it  is  not  our  province  to  discuss  theories.  Facts,  figures,  and 
certain  principles  are  our  boundaries,  and  we  have  too  much  reve 
rence  for  the  law  and  men's  rights  "  to  trespass"  on  other  people's 
ground. 

I.  Is  farming  profitable  ?  This  is  a  practical  question.  It  is 
also  a  relative  question,  and  suggests  another  inquiry.  What  is 
or/  good  and  profitable  business?  A  man  who  can  lay  by  regularly 
from  $500  to  $1000  a  year,  over  and  above  all  expenses  of  every 
necessary  kind,  may  be  said  to  be  doing  a  good  business  ]  a  man 
who  can  net  regularly  any  thing  over  ten  per  cent,  per  annum  on 
capital  safely  invested,  is  doing  a  profitable  business.  The  state 
ments  of  what  has  been  done  in  farming  are  numerous  in  a  scat 
tered  shape,  and  we  will  only  select  a  few  of  the  least  extraordi 
nary. 

Joshua  Tappan,  of  Ncwbury,  Essex  Co.,  Massachusetts,  in  1842, 
sold  from  a  plot  of  ground  measuring  five  acres  and  one-sixth  rods, 
produce  to  the  value  of  $405T6Tf0-. 

A.  T.  Perkins,  in  the  Maine  Farmer,  says  :  "  I  have  raised, 
the  past  year,  from  80  acres  of  land  700  bushels  of  potatoes,  80 
bushels  of  barley,  25  bushels  of  beets,  15  bushels  of  wheat,  10 
bushels  of  beans,  4  tons  of  mowed  oats,  16  tons  of  hay,  40  bushels 
of  corn,  20  bushels  of  carrots,  75  chickens  and  turkeys,  and  a 
great  quantity  of  garden  sauce.  I  have  killed  one  hog  weighing 
890  pounds,  made  400  pounds  of  butter,  kept  3  cows,  a  pair  of 
oxen,  2  heifers,  2  steers,  8  sheep,  and  4  hogs!" 

J  Gr.  Chadsey,  of  Wickford,  Rhode  Island,  states  that  he  pur 
chased  35  acres  of  land  near  that  village,  which  he  could  neither 
sell  nor  rent.  He  concluded  to  try  farming  himself,  though  he 
had  done  nothing  at  it  for  forty  years ;  but,  as  a  substitute  for 
experience,  he  took  an  agricultural  paper.  His  success  is  that  the 
lacd  which,  seven  years  ago,  would  not  rent  for  four  per  cent,  on 
cost,  now  pays  twenty  per  cent.,  after  deducting  all  expenses.  Cost 
0^  land,  $3,050.  Produce  sold  in  1846,  $1,116  41.  Expenses, 


ON    BUSINESS.  73 

labor,  taxes,  and  estimating  his  own  labor  at  $50, 1467 ^fg  leaving 
8640T70%  as  profits,  or  20  J  per  cent.,  for  the  use  of  the  land.* 

It  is  estimated  by  practical  men  that  one-third  of  the  proceeds  of 
a  farm  will  amply  suffice  to  cover  all  the  ordinary  expenditures,  or, 
in  other  words,  will  pay  for  working,  keep  the  farm  in  repair,  and 
replace  the  interest  on  the  capital.  Dr.  Beekman,  Secretary  of  the 
State  Agricultural  Society,  states,  "  that,  except  in  extraordinary 
cases,  one-third  of  the  products  will  meet  all  expenses,  leaving  two- 
thirds  as  profits."  A  writer  in  the  Genesee  Farmer  gives  an  ac 
count  of  two  farms  in  his  neighborhood,  which  he  regards  as  a 
sample  of  the  well-managed  farms.  One  contains  86  acres  j  and 
capital  invested,  including  farm  and  stock,  is  $4500.  The  proceeds 
per  annum  average  81442.  Profits  (one-third  less),  $962,  or  inte 
rest  at  the  rate  of  21  per  cent.  Another  contains  40  acres  ;  capi 
tal,  including  farm  and  stock,  is  $1600.  Proceeds  per  annum 
$851T409Q.  Profits  (one-third  less),  $567T%fia,  or  35  per  cent,  on 
capital. 

*  This  instance  suggests  two  considerations  that  hold  good  in  many  cases 
that  have  come  within  our  notice.  The  first  is  that  men  who  have  acquired 
their  training  in  other  pursuits  frequently  succeed  best  at  farming.  Men, 
at  whom  old  farmers  would  raise  their  eyebrows  above  their  temples,  fre 
quently  show  results,  in  a  few  years,  that  old  farmers,  by  their  mode  of 
management,  cannot  attain  in  a  lifetime.  It  may  be  ascribed  to  two  causes. 
They  turn  to  farming  because  they  have  a  love  for  it,  and  prosecute  it  with 
zeal ;  and  secondly,  their  superior  business  tact,  acquired  in  other  pursuits, 
gives  them  an  advantage  in  this  also.  It  is  certain  that  no  manufacturing 
or  mercantile  business  could  stand  the  neglect  of  advantages  and  misman 
agement  that  farming  is  habitually  compelled  to  stand.  Those  engaged  in 
it  would  fail  the  first  year. 

Another  consideration  suggested  is  the  practical  aid  and  knowledge  to  be 
derived  from  books  and  agricultural  papers.  A  man's  individual  experience 
is  limited — from  books  he  may  derive  the  experience  of  thousands.  All 
that  is  wanted  to  make  fortunes  is  first  the  idea,  and  then  energy  to  follow 
it  up.  Books  on  business  are  likely  to  suggest  the  idea  ;  they  stimulate 
the  mind  to  think,  and  furnish  a  healthful  excitement  that  keeps  up  energy. 
Books  on  general  business  and  special  business  should  be  read  with  close 
attention  by  every  man.  They  are  few  in  number,  and  the  chances  that 
they  will  suggest  a  valuable  idea  will  justify  the  expense.  A  book  which 
is  valueless  to  one  man  may  be  invaluable  to  another. 

7 


74  A    PRACTICAL   TREATISE 

Messrs.  Cooper,  near  Bushwick,  Long  Island,  report  to  the  New 
York  Farmer's  Club  that  their  farm  of  30  acres,  four  men  to  work 
it,  and  occasionally  extra  help,  yielded,  in  one  year,  gross  proceeds 


The  farm  connected  with  the  House  of  Industry  at  South  Bos 
ton  contains  30  acres.  The  proceeds  of  the  farm  for  the  last  year 
amounted  to  $5,287^^,  being  equal  to  $176  per  acre.* 

At  a  legislative  agricultural  meeting  held  in  Boston,  some 
remarks  were  made  by  the  Hon.  Mr.  Calhoun  on  the  profits  of 
farming,  compared  with  other  pursuits.  The  conclusion  arrived  at 
was,  that  farmers,  on  the  average,  succeed  better  than  merchants  ; 
that  if,  by  way  of  experiment,  one  hundred  men  should  go  into  a 
city  in  trade,  and  one  hundred  go  to  farming,  at  the  end  of  twenty 
years  the  hundred  farmers  would  be  worth  the  most  money.  Mr. 
Calhoun  added  :  "  Here  is  a  foundation  that  may  be  built  upon 
with  more  certainty  than  any  other.  Yet  young  men  are  rushing 
into  the  cities  to  make  their  fortunes.  It  is  deeply  important  that 

*  Why  should  one  acre  yield  $176  value,  -when  another  equally  fertile  by 
nature  will  only  yield  ten  dollars  ?  Why  is  a  garden  richer  than  a  field  ? 
We  manure  our  gardens  well,  and  our  fields  lightly.  We  dig  our  gardens 
twenty  inches  deep,  and  plough  our  fields  five  inches  deep.  We  cultivate  a 
small  patch  of  ground  thoroughly,  and  scratch  over  a  large  space  of  land 
superficially.  A  hankering  after  much  land  is  a  serious  drawback  to  suc 
cessful  farming  in  the  United  States,  and  we  believe  that  if  three-fourths  of 
those  who  have  over  seventj'-five  acres  of  land  would  sell  the  excess,  and 
devote  their  entire  attention  to  the  balance,  they  would  find  themselves  bet 
ter  off.  A  man  had  a  large  vineyard  and  two  daughters  ;  when  the  one 
married,  he  gave  her  as  a  dowry  one-third  of  his  vineyard,  yet  he  discovered 
that  the  remaining-two  thirds  netted  him  as  much  as  the  whole  :  when  the 
other  daughter  married,  he  gave  her  a  third,  and  found  his  profits  in  the 
succeeding  year  larger  than  they  had  ever  been.  A  practical  farmer  says, 
11  1  am  confident  that  fifty  acres,  cultivated  in  the  very  best  style  of  modern 
improvement,  will  yield  more  profit  than  many  of  your  one  hundred  acre 
farms  now  yield."  Manure  and  labor  will  do  the  business.  Large  farms 
are  a  weariness  to  the  flesh. 

"  A  little  farm  well  tilled  ; 

A  little  house  well  filled  ; 

A  little  wife  well  willed  " 
are  the  greatest  blessings,  of  an  earthly  nature,  a  man  can  possess. 


ON   BUSINESS.  75 

the  facts  stated  here  and  at  former  meetings,  should  be  deeply  im 
pressed  upon  young  men.  Mr.  Brook  says  :  '.15  per  cent,  may  be 
made  on  capital  by  any  di-ligent  and  systematic  farmer.'  Hon. 
John  Lowell  says,  '  18  per  cent.'  All  this  may  be  done  by  farm 
ing  intelligently.  He  had  wondered  that  farmers  generally  got 
along  so  well  as  they  actually  do  in  their  careless  mode  of  manage 
ment.  For  himself  he  had  regained  his  own  health  by  farming. 
The  open  air  had  restored  him." 

II.  What  management  is  necessary  to  make  farming  profitable  ? 
On  this  subject  farmers  would  prefer  to  hear  a  practical  farmer  speak  ] 
and  I  am  happy  to  state  that  one  of  the  best  practical  farmers  in 
the  State  of  New  York  has  written  the  best  and  most  interesting 
prize  essay  "  On  Farm  Management,"  which  obtained  the  premi 
um  from  the  New  York  State  Agricultural  Society,  that  I  have 
ever  read.  Those  who  take  little  interest  in  agricultural  matters 
will  derive  pleasure  and  benefit  from  a  careful  perusal  of  it,  and 
those  who  contemplate  farming  should  study  it. 


ON  FARM  MANAGEMENT— PRIZE  ESSAY. 

BY   J.    J.    THOMAS. 

THE  great  importance  of  performing  in  the  best  manner  the  dif 
ferent  operations  of  agriculture  is  obvious  to  every  intelligent  mind, 
for  on  this  depends  the  success  of  farming.  But  a  good  perform 
ance  of  single  operations  merely  does  not  constitute  the  best  far 
mer.  The  perfection  of  the  art  consists  not  only  in  doing  every  thing 
well  individually,  but  in  a  proper  adjustment  and  systematic  ar 
rangement  of  all  the  parts,  so  that  they  shall  be  done  not  only  in 
the  best  manner  and  at  the  right  time,  but  with  the  most  effective 
and  economical  expenditure  of  labor  and  money.  Every  thing 
must  move  on  with  clock-work  regularity,  without  interference, 
even  at  the  most  busy  seasons  of  the  year. 

As  this  subject  includes  the  whole  routine  of  farming  in  a  col 
lected  view  as  well  as  in  its  separate  details,  a  treatise  upon  it  might 
be  made  to  fill  volumes ;  but  this  being  necessarily  confined  to  a 


76  A    PRACTICAL    TREATISE 

few  pages,  a  general  outline,  with  some  remarks  on  its  more  essen 
tial  parts,  can  only  be  given. 

CAPITAL. — The  first  requisite  in  all  undertakings  of  magnitude 
is  to  "  count  the  cost."  The  man  who  commences  a  building, 
which  to  finish  would  cost  ten  thousand  dollars,  with  a  capital  of 
only  five  thousand,  is  as  certainly  ruined  as  many  farmers  are  who, 
without  counting  the  cost,  commence  on  a  scale  to  which  their 
limited  means  are  wholly  inadequate.  One  of  the  greatest  mis 
takes  which  young  farmers  make  in  this  country,  in  their  anxious 
wish  for  large  possessions,  is,  not  only  in  purchasing  more  land  than 
they  can  pay  for,  but  ia  the  actual  expenditure  of  all  their  means, 
without  leaving  any  even  to  begin  the  •  great  work  of  farming. 
Hence,  the  farm  continues  for  a  long  series  of  years  poorly  provided 
with  stock,  with  implements,  with  manure,  and  with  the  necessary 
labor.  From  this  heavy  drawback  on  the  profits  of  his  land,  the 
farmer  is  kept  long  in  debt;  the  burden  of  which  not  only  dis 
heartens  him,  but  prevents  that  enterprise  and  energy  which  are 
essential  to  success.  This  is  one  fruitful  reason  why  American 
agriculture  is  in  many  places  in  so  low  a  state.  A  close  observer, 
in  travelling  through  the  country,  is  thus  enabled  often  to  decide 
from  the  appearances  of  the  buildings  and  premises  of  each  occu 
pant,  whether  he  is  in  or  out  of  debt. 

In  England,  where  the  enormous  taxes  of  different  kinds  impe 
riously  compel  the  cultivator  to  farm  well  or  not  farm  at  all,  the 
indispensable  necessity  of  a  heavy  capital  to  begin  with  is  fully  un 
derstood.  The  man  who  merely  rents  a  farm,  there,  must  possess  as 
much  to  stock  it  and  commence  operations  as  the  man  who  buys 
and  pays  for  a  farm  of  equal  size  in  the  best  parts  of  Western  New 
York.  The  result  is,  that  he  is  enabled  to  do  every  thing  in  the 
best  manner ;  he  is  not  compelled  to  bring  his  goods  prematurely 
to  market  to  supply  his  pressing  wants ;  and  by  having  ready 
money  always  at  command,  he  can  perform  every  operation  at  the 
very  best  season  for  product  and  economy,  and  make  purchases 
when  necessary  at  the  most  advantageous  rate.  The  English  far 
mer  is  thus  able  to  pay  an  amount  of  tax  often  more  than  the 
whole  product  of  farms  of  equal  extent  in  this  country. 


ON   BUSINESS.  77 

The  importance  of  possessing  the  means  of  doing  every  thing  at 
exactly  the  right  season  cannot  be  too  highly  appreciated.  One  or 
two  illustrations  may  set  this  in  a  clearer  light.  Two  farmers  had 
each  a  crop  of  ruta-bagas  of  an  acre  each ;  the  first,  by  hoeing  his  crop 
early  while  the  weeds  were  only  an  inch  high,  accomplishod  the 
task  with  two  days'  work,  and  the  young  plants  then  grew  vigor 
ously,  and  yielded  a  heavy  return.  The  second,  being  prevented 
by  a  deficiency  of  help,  had  to  deter  his  hoeing  one  week,  and  then 
three  days  more  by  rainy  weather,  making  ten  days  in  all ;  during 
this  time  the  weeds  had  sprung  up  six  to  ten  inches  high,  so  as  to 
require,  instead  of  two  days,  no  less  than  six  days  to  hoe  them ;  and 
so  much  was  the  growth  of  the  crop  checked  at  this  early  stage  that 
the  owner  had  150  bushels  less  in  his  acre  than  the  farmer  who 
took  time  by  the  forelock.  Another  instance  occurred  with  an 
intelligent  farmer  of  this  State,  who  raised  two  fields  of  oats  on 
land  of  similar  quality.  One  field  was  sown  very  early,  and  well 
put  in,  and  yielded  a  good  profit.  The  other  was  delayed  twelve 
days,  and  then  hurried;  and  although  the  crop  was  within  two- 
thirds  of  the  amount  of  the  former,  yet  that  difference  was  just 
the  clear  profit  of  the  first  crop;  so  that  with  the  latter  the  amount 
yielded  only  paid  the  expenses. 

Admitting  that  the  farm  is  already  purchased  and  paid  for,  it  be 
comes  an  object  to  know  what  else  is  needed  and  at  what  cost,  be 
fore  cultivation  is  commenced.  If  the  buildings  and  fences  are 
what  they  should  be,  which  is  not  often  the  case,  little  immediate 
outlay  will  be  needed  for  them.  But  if  not,  then  an  estimate  must 
be  made  of  the  intended  improvements,  and  the  necessary  sum  al 
lotted  for  them.  These  being  all  in  order,  the  following  items  re 
quiring  an  expenditure  of  capital  will  be  required  on  a  good  farm 
of  100  acres  of  improved  land,  that  being  not  far  from  the  size  of 
a  large  majority  in  this  State-  The  estimate  will  of  course  vary 
considerably  with  circumstances,  prices,  &c. 

I.    LIVE    STOCK. 

The  amount  will  vary  with  the  fertility  and  products  of  the  . 
»ts  quality,  and  situation  with  regard  to  market.      The  fol 


78  A   PRACTICAL   TREATISE 

ing  will  approximate  the  average  on  good  farms  taken  at  the  spring 
of  the  year  or  commencement  of  work  : — 

3  Horses,  at  $80 $240 

1  Yoke  oxen        ......  75 

8  Milch-cows  at  $15 120 

10  Steers,  heifers,  and  calves          ...  70 

20  Pigs  at  $3 60 

150  Sheep  at  $2 300 

Poultry — say    ....'..  5 


Total       .                  $870 

II.   IMPLEMENTS. 

2  Ploughs  fitted  for  work           ...  $20  00 

1  Small  plough,     do 6  00 

1  Cultivator,  best  kind      ....  7  00 

1  Drill-barrow 5  00 

1  Roller 5  00 

1  Harrow 10  00 

1  Fanning-mill 20  00 

1  Straw-cutter 15  00 

1  Root-slicer 8  00 

1  Farin-wagon,  with  hay-rack,  &c.     .         .  70  00 

1  Ox-cart         .     ' 50  00 

1  Double  farm  harness      ....  30  00 

1  Horse-cart    ......  45  00 

1  Horse-cart  harness         .         .         .         .  18  00 

1  Root-steamer,  or  boiler  ....  20  00 

1  Shovel  and  one  spade     ....  2  50 

3  Steel-plate  hoes     .....  2  25 

2  Dung-forks 2  25 

3  Hay-forks 3  00 

2  Hand-rakes 0  25 

1  Revolving  horse  rake     ....  8  00 

2  Grain-cradles 8  00 

Carried  forward  $355  25 


ON   BUSINESS.  79 

Brought  forward     .         .         .         .       $355  25 

2  Scythes 4  00 

1  Wheelbarrow 4  00 

1  Pointed  shovel 1  25 

1  Grain-shovel,  or  scoop-shovel  .        '.        •  1  25 

1  Pick 1  50 

1  Mall  and  wedges 2  50 

2  Axes .  4  00 

1  Hammer 50 

1  Wood-saw 1  50 

1  Turnip-hook  ......  75 

1  Hay-knife 3  00 

2  Apple  ladders  (for  gathering)          .  1  50 

2  Large  baskets 1  25 

2  Hand-baskets         .....  50 

1  Tape-line  (for  laying  off  land)          .  2  00 

2  Sheep-shears 2  00 

1  Grindstone 3  00 

1  Steel-yard,  large,  and  one  small       .         .  2  00 

1  Stable  lantern 50 

1  Curry-comb,  and  one  brush     ...  75 

1  Half-bushel  measure       ....  1  00 

20  Grain-bags 8  00 

1  Ox-chain 3  00 

1  Crow-bar 2  00 

1  Sled  and  fixtures 30  00 

Total  .   - $437  00 

Other  articles  might  be  included,  as  subsoil  plough,  sowing-ma 
chine,  &c.  A  threshing-machine  is  not  named,  as  it  is  better  to 
employ  itinerant  threshers,  and  save  capital.  To  the  preceding 
amount  ought  to  be  added  one-tenth  the  expense  of  fencing  the 
farm,  as  fences  need  renewing  at  least  once  in  ten  years.  Every 
farmer  should  also  be  supplied  with  a  small  set  of  carpenter's  tools, 
which  would  cost  about  $12,  for  repairing  implements  in  rainy 
weather,  and  other  useful  purposes.  This  set  should  include  saw, 
hammer,  augers,  planes,  adze,  mallet,  chisel,  square,  breast-bits, 


80  A   PRACTICAL    TREATISE 

&c.,   and  by  the  convenience  and  economy  afforded;  would  soon 
repay  their  cost. 

III.    SEEDS. 

2£  Bushels  clover  seed  for  10  acres  .  .         $15  00 

2  "        corn       "      "     6     "  .  .  1  00 
30         "        potatoes        "     2     "  .  .  7  00 

3  Pounds  ruta-baga  seed       1  acre  .  .  1  50 
2       "       field  beet     "         }     "  .  .  1  50 
2       "       carrot           "         J     "  .  .  1  00 

30  Bushels  seed  wheat  "     20     acres  .  .  30  00 

10       "        oats             "       5       "  .  2  50 

10       "        barley         "       5       "    •  .  .  4  00 


Total $63  00 

IV.    LABOR. 

Supposing  the  owner  to  labor  with  his  own  hands,  as  every  owner 
should,  so  far  as  is  consistent  with  a  general  superintendence  of  all 
parts,  which  would  probably  amount  to  one-half  the  time,  he  would 
need  besides  through  the  season  two  men  and  one  boy,  and  in  the 
winter  one  man  ;  during  haying  and  harvest,  he  would  require  two 
additional  hands.  The  men  boarding  themselves,  could  be  had 
for  fifteen  dollars  per  month  in  summer,  and  twelve  in  winter;  if 
boarded,  the  cost  of  their  meals  would  make  up  the  deficiency  in 
wages  to  the  same  amount.  The  expenditure  needed,  then,  would 
be, 

2  Hired  men,  eight  months,  $15  per  month        $240  00 
1     "      boy,       "         "  6  «  48  00 

Day  labor  in  harvest        ....  32  00 

Total $320  00 

V.    MAINTENANCE    OF   ANIMALS. 

Cattle  and  sheep  would  need  hay  till  fresh  pasture,  and  horses 
hay,  and  also  a  good  supply  of  oats  till  after  harvest.  All  would 


ON    BUSINESS.  81 

be  benefited  by  a  liberal  feeding  of  roots,  including  swine.     The 
amount  of  all  these  supplies  needed  would  be  about 

7  Tons  of  hay $42  00 

200  Bushels  oats           .....  50  00 

400       "        roots 50  00 

Total $142  00 

RECAPITULATION. 

Live  stock $870  00 

Implements 437  00 

Seeds 63  00 

Labor 320  00 

Maintenance  of  animals     ....  142  00 


Total    ....  .         .   $1,832  00 

The  amount  of  capital  needed  the  first  year,  in  stocking  and  con 
ducting  satisfactorily  the  operations  of  one  hundred  acres  of  im 
proved  land,  several  items  being  doubtless  omitted. 

If  this  is  a  larger  sum  than  the  young  farmer  can  command,  let 
him  purchase  only  fifty  acres,  and  reserve  the  rest  of  the  purchase 
money  which  would  be  needed  for  the  one  hundred  acres,  to  com 
mence  with  on  a  smaller  farm,  and  he  will  scarcely  fail  to  make 
more  than  on  a  larger,  with  every  part  subjected  to  an  imperfect, 
hurrying,  and  irregular  management.  He  may  calculate,  perhaps, 
on  the  return  of  his  crops  in  autumn,  at  least  to  pay  his  hands. — 
But  he  must  remember  that  the  first  year  of  farming  is  attended 
with  many  expenses  which  do  not  usually  occur  afterwards ;  which 
his  crops  may  not  repay,  besides  supporting  his  family,  and  paying 
his  mechanics'  and  merchants'  bills.  The  first  year  must  always 
be  regarded  with  uncertainty ;  and  it  is  better  to  come  out  at  the 
end,  on  a  moderately  sized  farm,  well  tilled,  and  in  fine  order,  with 
money  in  pocket,  than  on  a  larger  one,  jn  debt,  and  hired  hands, 
a  class  of  men  not  to  be  disappointed,  and  who  ought  not  to  be, 
waiting  for  their  pay.  There  are  a  far  greater  number  of  farmers 
embarrassed  and  crippled,  by  placing  their  estimate  of  expenses  too 


82  A   PRACTICAL   TREATISE 

low,  than  of  those  who  swing  clear  and  float  freely  by  a  full  pre 
vious  counting  of  cost. 

SIZE  OF  FARMS. — After  what  has  just  been  said,  the  cultivator 
will  perceive  in  part  the  advantages  of  moderately  sized  farms,  for 
men  in  moderate  circumstances.  The  great  disadvantage  of  a 
superficial,  skimming  culture  is  obvious  with  a  moment's  attention. 
Take  the  corn  crop  as  an  illustration.  There  are  a  great  many 
farmers,  to  my  certain  knowledge,  whose  yearly  product  per  acre 
does  not  exceed  an  average  of  twenty-Jive  bushels.  There  are 
other  farmers,  whom  I  also  well  know,  who  obtain  generally  not 
less  than  sixty  bushels  per  acre,  and  often  eighty  to  ninety-five. — 
Now,  observe  the  difference  in  the  profits  of  each.  The  first  gets 
250  bushels  from  ten  acres.  In  doing  this,  he  has  to  plough  ten 
acres,  harrow  ten  acres,  mark  out  ten  acres,  find  seed  for  ten  acres 
plant,  cultivate,  hoe,  and  cut  up  ten  acres,  besides  paying  the  in 
terest  on  ten  acres,  worth  from  three  to  five  hundred  dollars.  The 
other  farmer  gets  250  bushels  from  four  acres  at  the  farthest;  and 
he  only  ploughs,  plants,  cultivates,  and  hoes,  to  obtain  the  same 
amount,  four  acres,  which  from  their  fine  tilth,  and  freedom  from 
grass  and  weeds,  is  much  eaiser  done,  even  for  an  equal  surface. — 
The  same  reasoning  applies  throughout  the  farm.  Be  sure,  then, 
to  cultivate  no  more  than  can  be  done  in  the  best  manner,  whether 
it  be  ten,  fifty,  or  five  hundred  acres.  A  friend  who  owned  a  four 
hundred  acre  farm  told  me  that  he  made  less  than  his  next  neigh 
bor,  who  had  only  seventy-five.  Let  the  man  who  applies  a  certain 
amount  of  labor  every  year  to  his  farm  reduce  its  dimensions  until 
that  labor  accomplishes  every  thing  in  the  very  best  manner.  He 
will  doubtless  find  that  the  amount  of  land  will  thus  become  much 
smaller  than  he  supposed,  more  so  than  most  would  be  willing  to 
reduce  it;  but,  on  the  other  hand,  the  net  proceeds  from  it  will 
augment  to  a  greater  degree  than  perhaps  could  possibly  be  be 
lieved. 

But  let  me  not  be  misunderstood.  Large  farms  are  by  no 
means  to  be  objected  to,  provided  the  owner  has  capital  enough  to 
cultivate  every  part  as  well  as  some  of  our  best  small  ones  are  cal- 
tivated. 


ON    BUSINESS.  83 

As  an  example  of  what  may  be  obtained  from  a  small  piece  of 
land,  the  following  products  of  fifty  acres  are  given,  and  are  not 
more  than  I  have  known  repeatedly  to  be  taken  from  good  land 
by  several  thorough  farmers  : — 

10  acres  of  wheat,  85  bushels  per  acre,  at  $1  00  $350  00 

5  "      com,  90         "              "               40  180  00 
2       "      potatoes,  300         "              "               20  120  00 
1  acre      ruta-bagas,  800         "              "                10  80  00 

6  acres     wint.  apples,  250         "  "  25       375  00 
6       "      hay,                     2J  tons,              "            6  00         90  00 

10       u       pasture,  worth          .  .  60  00. 

5       "      barley,  40  bushels  per  acre  40         80  00 

5      "      oats,  50         "  "  20         50  00 


Total  products  of  fifty  acres  of  very  fine  land,          31,385  00 

This  aggregate  yield  is  not  greater  than  that  obtained  by  some 
who  might  be  named,  from  a  similar  quantity  of  land.  Good  land 
could  be  brought  to  that  state  of  fertility  very  easily,  at  a  total  cost 
of  one  hundred  dollars  per  acre,  and  then  it  would  be  incomparably 
cheaper  than  many  large  good  farms  at  nothing ;  for,  while  the 
fifty  acres  could  be  tilled  for  three  hundred  and  eighty-five  dollars, 
leaving  one  thousand  dollars  net  profits,  large  poor  farms  hardly 
pay  the  work  spent  upon  them.  One  proprietor  of  such  a  farm 
declared,  "  It  takes  me  and  my  hired  man  all  summer  hard  at 
work  to  get  enough  to  pay  him  only." 

LAYING  OUT  FARMS. — This  department  is  very  much  neglected 
The  proper  disposition  of  the  different  fields,  for  the  sake  of  eco 
nomy  in  fencing,  for  convenience  of  access,  and  for  a  full  command 
of  pasture  and  protection  of  crops  at  all  times,  has  received  com 
paratively  little  attention  from  our  agricultural  writers  and  from 
farmers. 

Many  suppose  that  this  business  is  very  quickly  disposed  of; 
that  a  very  few  minutes,  or  hours  at  most,  will  enable  a  man  to  plan 
the  arrangement  of  his  fields  about  right.  But  this  is  a  grea* 


84  A    PRACTICAL    TREATISE 

error.  Even  when  a  farm  is  of  the  simplest  form,  on  a  fiat  uni 
form  piece  of  ground,  many  things  are  to  be  borne  in  mind  in  lay 
ing  it  out. 

In  the  first  place,  we  all  know  that  the  fencing  of  a  moderately 
sized  farm  costs  many  hundred  dollars.  It  is  very  desirable  to  do 
it  well,  and  use  at  the  same  time  as  little  material  as  possible.  To 
do  this,  much  will  depend  on  the  shape  of  the  fields.  A  certain 
length  of  fence  will  enclose  more  land  in  the  form  of  a  square  than 
in  any  other  practicable  shape.  Hence  fields  should  approach  this 
form  as  nearly  as  possible.  Again,  the  disposition  of  lanes  is  a 
matter  of  consequence,  so  as  to  avoid  unnecessary  length  and  fenc 
ing,  and  occupy  the  least  quantity  of  ground. 

But  these  rules  may  be  materially  affected  by  other  considera 
tions.  For  instance,  it  is  very  desirable  that  land  of  a  similar 
quality  may  be  in  the  same  enclosure.  Some  may  be  naturally 
too  wet  for  any  thing  but  meadow  or  pasture ;  some  may  be  much 
lighter  j  and  susceptible  of  ploughing,  whilst  others  are  not :  some 
may  be  naturally  sterile,  and  need  unusual  manuring  with  green 
crops.  All  these  should,  as  far  as  practicable,  be  included  each  in 
its  own  separate  boundary.  The  situation  of  surface  drains,  form 
ing  the  boundaries  of  fields,  may  influence  their  shape ;  facilities 
for  irrigation  may  have  an  essential  bearing :  convenience  for 
watering  cattle  is  not  to  be  forgotten.  Where,  in  addition  to  all 
these  considerations,  the  land  is  hilly,  still  more  care  and  thought 
are  required  in  the  subdivision,  which  may  possible  require  years 
of  experience :  but  where  fixed  fences  are  once  made,  it  is  hard  to 
remove  them :  hence  a  previous  thorough  examination  should 
be  made.  A  farm  road,  much  used  for  heavy  loads,  should  be 
made  hard  and  firm,  and  cannot  easily  be  altered :  it  consequently 
should  be  exactly  in  the  right  place,  and  be  dry,  level,  and  short; 
the  shape  of  adjoining  fields  even  conforming  with  these  requisi 
tions  ;  but  a  road  little  used  should  not  interfere  with  the  outlines 

of  fields. 

*  #  *  *  *  * 

In  laying  out  a  farm  with  a  very  uneven  surface  or  irregular 
shape,  it  would  be  best  to  draw,  first,  a  plan  adapted  to  smooth 
ground,  as  the  one  just  given ;  and  then  vary  the  size  and  shape 


ON    BUSINESS.  85 

of  the  fields,  the  distance  of  the  lane  from  the  centre,  its  straight- 
ness,  &c.,  according  to  the  circumstances  of  the  case. 

FENCES.* — The  kind  of  fence  used,  and  the  material  for  its  con 
struction,  must  depend  on  circumstances  and  localities.  A  good 
fence  is  always  to  be  preferred  to  an  imperfect  one  :  though  it  will 
cost  more,  it  will  more  than  save  that  cost,  and  three  times  the 
amount  in  vexation  besides,  by  keeping  cattle,  colts,  and  pigs  out 
of  fields  of  grain.  A  thriving  farmer  whose  whole  land,  except  a 
small  part  with  stone  wall,  is  enclosed  by  common  rail  fence,  with 
upright  cedar  stakes,  and  connecting  caps  to  the  tops,  finds  that  it 
needs  renewing  once  in  six  years.  He  accordingly  divides  his 
whole  amount  of  fences  into  six  parts,  one  of  which  is  built  new 
every  year.  All  is  thus  kept  systematically  in  good  repair.  Stone 
walls,  if  set  a  foot  below  the  surface  to  prevent  tumbling  by  frost, 
are  the  most  durable  fence.  Hedges  have  not  been  sufficiently 
tried.  The  English  hawthorn  is  not  well  adapted  to  our  hotter  and 
drier  climate,  and  though  sometimes  doing  well  for  a  time,  is  not 
to  be  depended  on.  The  buckthorn  in  New  England,  and  the  New 
castle  and  Washington  thorns  in  Pennsylvania  and  Delaware,  have 
succeeded  finely. 

GATES. — Every  field  on  the  farm  should  be  entered  by  a  good 
self-shutting  and  self-fastening  gate.  A  proper  inclination  in 
hanging  will  secure  the  former  requisite,  and  a  good  latch,  properly 
constructed,  the  latter.  Each  field  should  be  numbered,  and  the 
number  painted  on  the  gate-post.  Let  the  farmer  who  has  bars 
instead  of  gates,  make  a  trial  of  their  comparative  convenience,  by 

*  ''Strange  as  it  may  seem,  the  greatest  investment  in  this  country,  the 
most  costly  production  of  human  industry,  is  the  common  fences  "which 
divide  the  fields  from  the  highway,  and  separate  them  from  each  other. 
No  man  dreams  that  when  compared  with  the  outlay  of  these  unpretending 
monuments  of  art,  our  cities  and  our  towns,  with  all  their  wealth,  are  left 
far  behind.  You  will  scarce  believe  me  when  I  say  that  the  fences  of  this 
country  have  cost  more  than  twenty  times  the  specie  there  is  in  it.  In 
many  of  the  counties  of  the  Northern  States,  the  fences  have  cost  more  than 
the  farms  and  fences  arc  worth." — Bvrnap. 

8 


86  A    PRACTICAL    TREATISE 

taking  them  out,  and  replacing  them  without  stopping,  as  often  as 
he  does  in  one  year  on  his  farm,  say  about  six  hundred  times,  and 
he  cannot  fail  to  be  satisfied  which  is  the  cheapest  for  use 

BUILDINGS. — These  should  be  as  near  the  centre  of  the  farm  as 
other  considerations  will  admit.  All  the  hay,  grain,  and  straw 
being  conveyed  from  the  fields  to  the  barn,  and  most  of  it  back 
again  in  manure,  the  distance  of  drawing  should  be  as  short  as 
possible.  This  will,  also,  save  much  travelling  of  men  and  cattle 
to  and  from  the  different  parts  of  the  farm.  The  buildings  should 
not,  however,  be  too  remote  from  the  public  road,  and  a  good,  dry, 
healthy  spot  should  be  chosen.  The  dwelling  should  be  comfort 
able,  but  not  large  ]  or,  it  should  rather  be  adapted  to  the  extent 
of  the  lands.  A  large,  costly  house,  with  small  farm  and  other 
buildings,  is  a  bad  indication  of  management.  The  censure  of  the 
old  Roman  should  be  avoided,  who,  having  a  small  piece  of  land, 
built  his  house  so  large  that  he  had  less  occasion  to  plough  than  to 
sweep. 

The  barn  and  out-buildings  should  be  of  ample  extent.  The 
barn  should  have  space  for  hay,  grain,  and  straw.  It  is  a  matter 
of  great  convenience  to  have  the  straw  for  littering  stables  housed 
and  close  at  hand,  arid  not  out  of  doors,  under  a  foot  of  snow.  There 
should  be  plenty  of  stables  and  sheds  for  all  domestic  animals. 
This  provision  will  not  only  save  one-third  of  the  fodder,  but  stock 
will  thrive  much  better.  Cows  will  give  much  more  milk,  sheep 
will  yield  more  and  better  wool,  and  all  will  pass  through  the 
winter  more  safely.  The  wood-house,  near  or  attached  to  the 
dwelling,  should  never  be  forgotten,  so  long  as  comfort  in  building 
fires  and  economy  in  the  use  of  fuel  are  of  any  importance. 

A  small,  cheap,  movable  horse-power  should  belong  to  every 
establishment,  to  be  used  in  churning,  sawing  wood,  driving  wash 
ing-machine,  turning  grindstone,  cutting  straw,  and  slicing  roots. 

There  should  be  a  large  root-cellar  under  the  barn,  into  which 
the  cart  may  be  dumped  from  the  outside.  One  great  objection  to 
the  culture  of  ruta-bagas  and  beets,  in  this  country — the  difficulty 
of  winter  keeping — would  then  vanish. 

Both  barn  and  house  cellars  should  be  well  coated,  on  the  bot- 


ON    BUSINESS.  87 

torn  and  sides,  with  water-lime-mortar,  which  is  a  very  cheap  and 
effectual  way  to  exclude  both  water  and  rats. 

CHOICE  OF  IMPLEMENTS. — Of  those  which  are  much  used,  the 
very  best  only  should  be  procured.  This  will  be  attended  with  a 
gain  in  every  way.  The  work  will  be  easier  done,  and  it  will  be 
better  done.  A  laborer  who,  by  the  use  of  a  good  hoe  for  one 
month,  can  do  one  quarter  more  each  day,  saves,  in  the  whole 
time,  an  entire  week's  labor. 

CHOICE  OF  ANIMALS. — The  best  of  all  kinds  should  be  selected, 
even  if  costing  something  more  than  others.  Not  "fancy"  ani 
mals,  but  those  good  for  use  and  profit.  Cows  should  be  productive 
of  milk,  and  of  a  form  adapted  for  beef;  oxen  hardy,  and  fast- 
working;  sheep,  kept  fine  by  never  selling  the  best;  swine,  not 
the  largest  merely,  but  those  fattening  best  on  least  food.  A  Berk 
shire,  at  200  pounds,  fattened  on  10  bushels  of  corn,  is  better  than 
a  "land pike"  of  300,  fattened  on  50  bushels. 

Having  now  taken  some  notice  of  the  necessary  items  for  com 
mencing  farming,  it  remains  to  glance  a  little  at 

SOILS,  AND  THEIR  MANAGEMENT. — Soils  are  of  various  kinds, 
as  heavy  and  light,  wet  and  dry,  fertile  and  sterile.  They  all  re 
quire  different  management  in  a  greater 'or  less  degree. 

Heavy  soils  are  often  stronger  and  more  productive  than  light ; 
but  they  require  more  labor  for  pulverization  and  tillage.  They 
cannot  be  ploughed  when  very  wet,  nor  so  well  when  very  dry. 
Although  containing  greater  or  less  portions  of  clay,  they  may  be 
distinguished,  as  a  class  from  lighter  soils,  by  the  cloddy  surface 
the  fields  present  after  ploughing  in  dry  weather,  by  their  cracking 
in  drought,  and  by  their  adhesiveness  after  rains. 

Sandy  and  gravelly  loams  also  contain  clays,  but  in  smaller 
quantity ;  so  that  they  do  not  present  the  cloddiness  and  adhesive- 
.ness  of  heavy  soils.  Though  possessing,  generally,  less  strength 
than  clay  soils,  they  are  far  more  easily  tilled,  and  may  be  worked 
without  difficulty  in  wet  weather.  They  do  not  crack  or  break  in 
drought.  Indian  corn,  ruta-bagas,  and  some  other  crops,  succeed 


88  A    PRACTICAL    TREATISE 

best  upon  them.  Sandy  soils  are  very  easily  tilled,  but  are  gene 
rally  riot  strong  enough.  When  made  rich,  they  are  fine  for  some 
succulent  crops. 

Peaty  soils  are  generally  light  and  free,  containing  large  quan 
tities  of  decayed  vegetable  matter.  They  are  made  by  draining 
low  and  swampy  grounds.  They  are  "fine  for  Indian  corn,  broom 
corn,  barley,  potatoes,  and  turnips.  They  are  great  absorbers,  and 
great  radiators  of  heat;  hence  they  become  warm  in  sunshine  and 
cold  in  clear  nights.  For  this  reason  they  are  peculiarly  liable  to 
frosts.  Crops  planted  upon  them  must,  consequently,  be  put  in 
late,  after  spring  frosts  are  over. 

Corn  should  be  of  early  varieties,  that  it  may  not  only  be  planted 
late,  but  ripen  early. 

Each  of  these  kinds  of  soil  may  be  variously  improved.  Most 
of  heavy  soils  are  much  improved  by  draining;  open  drains  to 
carry  off  the  surface-water,  and  covered  drains,  that  which  settles 
beneath.  An  acquaintance  covered  a  low,  wet,  clayey  field  with  a 
net-work  of  under-drains,  and  from  a  production  of  almost  nothing 
but  grass,  it  yielded  the  first  year  forty  bushels  of  wheat  per  acre, 
enough  to  pay  the  expense,  and  admitted  of  much  easier  tillage 
afterwards.  Heavy  soils  are  also  made  lighter  and  freer  by  manur 
ing;  by  ploughing  under  coatings  of  straw,  rotten  chips,  and 
swamp  muck ;  and,  in  some  rare  cases,  by  carting  on  sand,  though 
this  is  usually  too  expensive  for  practice.  Subsoil  ploughing  is 
very  beneficial  both  in  wet  seasons  and  in  drought ;  the  deep,  loose 
bed  of  earth  it  makes,  receiving  the  water  in  heavy  rains,  and 
throwing  it  off  to  the  soil  above,  when  needed ;  but  a  frequent 
repetition  of  the  operation  is  needed,  as  the  subsoil  gradually 
settles  again. 

Sandy  soils  are  improved  by  manuring ;  by  the  application  of 
lime,  and  by  frequently  turning  to  green  crops.  Leached  ashes 
have  been  found  highly  beneficial  in  many  places.  Where  the 
subsoil  is  clayey,  which  is  often  the  case,  and  especially  if  marly 
clay,  great  advantage  is  derived  from  shovelling  it  up  and  spread 
ing  it  on  the  surface.  A  neighbor  had  twenty  bushels  of  wheat 
per  acre  on  land  thus  treated,  while  the  rest  of  the  field  yielded 
only  five. 


ON    BUSINESS  89 

MANURES. — These  are  among  the  first  of  requisites  in  success 
ful  farm  management.  They  are  the  strong-moving  power  in 
agricultural  operations.  They  are  as  the  great  steam-engine  which 
drives  the  vessel  onward.  Good  and  clean  cultivation  is,  indeed, 
all  important ;  but  it  will  avail  little  without  a  fertile  soil ;  and 
this  fertility  must  be  created  or  kept  up  by  a  copious  application  of 
manures ;  for  these  contribute  directly  or  assist  indirectly  to  the 
supply  of  nearly  all  the  nourishment  which  plants  receive.  It  is 
these  which,  produced  chiefly  from  the  decay  of  dead  vegetable  and 
animal  matter,  combine  most  powerfully  to  give  new  life  and  vigor ; 
and  thus  the  apparently  putrid  mass  is  the  very  material  which  is 
converted  into  the  most  beautiful  forms  of  nature ;  and  plants  and 
brilliant  flowers  spring  up  from  the  decay  of  old  forms,  and  thus 
a  continued  succession  of  destruction  and  renovation  is  carried  on 
through  an  unlimited  series  of  ages. 

Manures  possess  different  degrees  of  power,  partly  from  their  in 
herent  richness,  and  partly  from  the  rapidity  with  which  they  throw 
off  their  fertilizing  ingredients,  in  assisting  the  growth  of  plants. 
These  are  given  off  by  solution  in  water,  and  in  the  form  of  gas ; 
the  one  as  a  liquid  manure,  which,  running  down,  is  absorbed  by 
the  roots ;  and  the  other,  as  air,  escaping  mostly  into  the  atmo 
sphere,  and  lost. 

The  great  art,  then,  of  saving  and  manufacturing  manure  con 
sists  in  retaining  and  applying,  to  the  best  advantage,  those  solu 
ble  and  gaseous  portions.  Probably  more  than  one-half  of  all  the 
materials  which  exist  in  the  country  are  lost,  totally  lost,  by  not 
attending  to  the  drainage  of  stables  and  farmyards.  This  could  be 
retained  by  a  copious  application  of  straw ;  by  littering  with  saw 
dust,  when  saw- mills  are  near;  and,  more  especially,  by  the  fre 
quent  coating  of  yards  and  stables  with  dried  peat  and  swamp 
muck,  of  which  many  parts  of  our  States  furnish  inexhaustible  sup 
plies.  I  say  dried  peat  or  muck,  because,  if  it  is  already  saturated 
with  water,  of  which  it  will  often  take  in  five-sixths  of  its  own 
weight,  it  cannot  absorb  the  liquid  portions  of  the  manure.  But, 
if  it  will  absorb  five-sixths  in  water,  it  will,  when  dried,  absorb 
five-sixths  in  liquid  manure,  and,  both  together,  form  a  very  en 
riching  material.  The  practice  of  many  farmers  shows  how  little 

8* 


90  A    PRACTICAL   TREATISE 

they  are  aware  of  the  hundreds  they  are  losing,  every  year,  by  suf 
fering  this  most  valuable  of  their  farm  products  to  escape.  Indeed, 
there  are  not  a  few  who  carefully,  and  very  ingeniously,  as  they 
suppose,  place  their  barns  and  cattle-yards  in  such  a  manner,  on 
the  sides  of  hills,  that  all  the  drainage  from  them  may  pass  off  out 
of  the  way  into  the  neighboring  streams ;  and  some  one  mentions 
a  farmer  who,  with  pre-eminent  shrewdness,  built  his  hog-pen  di 
rectly  across  a  stream,  that  he  might,  at  once,  get  the  cleanings 
washed  away,  and  prevent  their  accumulation.  He,  of  course, 
succeeded  in  his  wish ;  but  he  might,  with  almost  equal  propriety, 
have  built  his  granary  across  the  stream,  so  as  to  shovel  the  wheat 
into  the  water  when  it  increased  on  his  hands. 

The  loss  of  manure,  by  the  escape  of  gas,  is  often  very  great. 
The  proof  of  this  was  finely  exhibited  by  Humphrey  Davy,  in  an 
experiment  performed  by  filling  a  large  retort  from  a  heap  of  fer 
menting  manure,  and  placing  the  beak  among  the  roots  of  some 
grass.  Nothing  but  vapor  left  the  vessel,  yet,  in  a  few  days,  the 
grass  exhibited  greater  luxuriance  around  the  beak  of  the  retort 
than  any  of  the  surrounding  portions.  Hence  the  superiority  of 
unfermented  manures ;  the  rich  portions  are  not  yet  lost.  And 
hence,  too,  the  importance  of  preventing  this  loss  by  an  immediate 
application,  and  ploughing  into  the  soil,  and  also  by  mixing  it  in 
composts  with  muck,  peat,  swamp  mud,  and  even  common  earth, 
in  a  dry  state — and  of  preventing  its  escape,  from  stables  and  yards, 
by  a  daily  strewing  with  dried  peat,  lime,  or  plaster. 

The  superiority  of  unfermented  manure  has  just  been  mentioned, 
which  is  by  many  doubted.  But  the  very  facts  on  which  these 
doubts  rest  only  prove  its  efficacy ;  for,  they  say,  "  I  have  always 
found  fresh  manure  to  be  attended  with  little  effect  the  first  year, 
while  it  yet  remains  fresh ;  but  afterwards,  when  fermentation  and 
decay  had  taken  place,  the  benefit  was  great  and  striking."  But 
here  is  the  proof  at  hand  that,  not  until  the  rich,  soluble,  and 
gaseous  parts  had  well  penetrated  and  been  absorbed  by  the  soil, 
was  their  powerful  and  invigorating  influence  exerted  upon  the 
growing  plants.  Fresh  manure  is  generally  in  a  state  not  readily 
mixed  with  soils.  It  is  thrown  into  large  lumps  over  the  surface, 
some  of  which  are  ploughed  in;  and  others  not;  but  none  of  them 


(»»        S.TY 

ON   BUSINESS.  91 

prove  of  immediate  use  to  the  crops.  But,  on  the  other  hand, 
fermented  manure,  from  its  ready  pulverization,  admits  of  an  easy 
admixture.  Let  fresh  manure  be  thoroughly  ground  down,  and 
worked  into  the  soil  by  repeated  harrowings,  and  two  or  three 
ploughings,  and  its  influence  will  be  like  magic. 

Swamp  muck  has  often  been  spoken  of  as  manure }  but  those 
who  expect  great  and  striking  results  from  its  application  will  be 
disappointed,  as  the  writer  has  been.  Even  with  ashes,  it  is  much 
less  powerful  than  stable  manure,  not  only  because  it  possesses  less 
inherent  richness,  but  because  it  has  less  soluble  parts,  and,  conse 
quently,  imparts  its  strength  more  slowly  to  growing  plants.  But 
thrs  quality  only  makes  it  the  more  enduring.  By  decoction  in 
water,  vegetable  mould  loses  a  small  portion  of  its  weight  by  solu 
tion  j  but,  if  the  remaining  insoluble  part  is  exposed  to  the  air 
and  moisture  a  few  months,  another  part  may  be  again  dissolved. 
Thus,  peat,  muck,  and  all  decayed  vegetable  fibre,  become  a  slow 
Tbut  lasting  source  of  nourishment  to  plants. 

But  it  is  when  shovelled  out  and  dried,  to  be  mixed  with  farm 
yard  manure,  as  a  recipient  for  its  evanescent  parts,  that  peat  or 
muck  becomes  pre-eminently  valuable.  Some  parts  of  the  State 
abound  with  inexhaustible  supplies  in  almost  every  neighborhood ; 
many  land-owners  have  from  twenty  to  a  hundred  thousand  cubic 
yards  on  their  farms,  lying  untouched,  while  half-starved  crops  are 
growing  in  the  adjacent  fields.  There  are  whole  counties  so  well 
supplied  with  it  that,  if  judiciously  applied,  it  would,  doubtless, 
double  their  aggregate  products. 

All  neat  farming,  all  profitable  farming,  and  all  satisfactory 
farming  must  be  attended  with  a  careful  saving  of  manures.  The 
people  of  Flanders  have  long  been  distinguished  for  the  neatness 
and  excellence  of  their  farms,  which  they  have  studied  to  make 
like  gardens.  The  care  with  which  they  collect  all  refuse  mate 
rials  which  may  be  converted  into  manures,  and  increase  their 
composts,  is  one  of  the  chief  reasons  of  the  cleanliness  of  their 
towns  and  residences ;  and  were  this  subject  fully  appreciated,  and  at 
tended  with  a  corresponding  practice  generally,  it  would,  doubtless, 
soon  increase,  by  millions,  the  agricultural  products  of  the  State. 


92  A    PRACTICAL   TREATISE 

But  there  is  another  subject  of  scarcely  less  magnitude.  This 
is  a  systematic 

ROTATION  OF  CROPS. — If  manuring  is  the  steam  engine  which 
propels  the  vessel,  rotation  is  the  rudder  which  guides  it  in  its 
progress.  Unlike  manuring,  rotation  does  not  increase  the  labor 
of  culture ;  it  only  directs  the  labor  in  the  most  effective  manner, 
by  the  exercise  of  judgment  and  thought. 

The  limits  of  this  paper  do  not  admit  of  many  remarks  on  the 
principles  of  rotation.  The  following  courses,  however,  have 
been  found  among  some  of  the  best  adapted  to  our  State  : — 

I.  1st  year — Corn  and  roots,  well  manured  ; 

2d  year — Wheat,  sown  with  clover-seed;  15  Ibs.  an  acre; 
3d  year — Clover,  one   or  more  years,  according   to  fertility 

and  amount  of  manure  at  hand. 
II.  1st  year — Corn  and  roots,  with  all  the  manure; 
2d  year — Barley  and  peas  ; 
3d  year — Wheat,  sown  with  clover ; 
4th  year — Clover,  one  or  more  years. 
III.    1st  year — Corn  and  roots,  with  all  the  manure; 
2d  year — Barley ; 

3d  year — Wheat,  sown  with  clover ; 
4th  year — Pasture ; 
5th  year — Meadow ; 
6th  year — Fallow; 
7th  year — Wheat ; 
8th  year — Oats,  sown  with  clover; 
9th  year — Pasture  or  meadow. 

The  number  of  the  fields  must  correspond  with  the  number  of 
the  changes  in  each  course ;  the  first  needing  three  fields  to  carry 
it  out,  the  second  four,  the  third  nine.  As  each  field  contains  a 
crop  each,  in  the  several  successive  stages  of  the  course,  the  whole 
number  of  fields  collectively  comprise  the  entire  series  of  crops 
every  year.  Thus,  in  the  list  above  given,  there  are  two  fields  of 
wheat  growing  at  once,  three  of  meadow  and  pasture,  one  of  corn 
and  roots,  one  of  barley,  one  of  oats,  and  one  in  summer  fallow 


ON    BUSINESS  93 

OPERATIONS  IN  THE  ORDER  or  TIME. — The  vital  consequence 
of  doing  every  thing  in  the  right  season  is  known  to  every  good 
farmer. 

To  prevent  confusion  and  embarrassment,  and  keep  all  things 
clearly  and  plainly  before  the  farmer  at  the  right  time,  he  should 
have  a  small  book  to  carry  in  his  pocket,  having  every  item  of 
work  for  each  week  or  each  half  month  laid  down  before  his  eyes. 
This  can  be  done  to  the  best  advantage,  to  suit  every  particular 
locality  and  difference  of  climate,  by  marking  every  successive  week 
in  the  season  at  the  top  of  its  respective  page.  Then  as  each  opera 
tion  severally  occurs,  let  him  place  it  under  its  proper  heading;  or, 
if  out  of  season,  let  him  place  it  back  at  the  right  time.  Any 
proposed  improvements  can  be  noted  down  on  the  right  page.  In 
teresting  experiments  are  often  suggested  in  the  course  of  reading 
or  observation,  but  forgotten  when  the  time  comes  to  try  them. 
By  recording  them  in  such  a  book,  under  the  right  week,  they  are 
brought  at  once  before  the  mind.  Such  an  arrangement  as  this 
will  prevent  a  great  deal  of  the  confusion  and  vexation  too  often 
attendant  on  multifarious  cares,  and  assist  very  essentially  in 
conducting  all  the  farm  work  with  clock-work  regularity  and 
satisfaction. 

In  reviewing  the  various  items  which  are  most  immediately  es 
sential  to  good  farm  management,  some  of  the  most  obvious  will  be 
— capital  enough  to  buy  the  farm  and  to  stock  it  well ;  to  select  a 
size  compatible  with  these  requisites  ;  to  lay  it  out  in  the  best  man 
ner;  to  provide  it  well  with  fences,  gates,  and  buildings;  to  select 
the  best  animals,  and  the  best  implements  to  be  had  reasonably ; 
to  bring  the  soil  into  good  condition,  by  draining,  manuring,  and 
good  culture ;  to  have  every  part  under  a  good  rotation  of  crops ; 
and  every  operation  arranged  so  as  all  to  be  conducted  systemati 
cally,  without  clashing  or  confusion.  An  attention  to  all  these 
points  would  place  agriculture  on  a  very  different  footing  from  its 
present  condition  in  many  places,  and  with  most  farmers.  The  bus 
iness,  then,  instead  of  being  repulsive,  as  it  so  frequently  is,  to  our 
young  men,  would  be  attended  with  real  enjoyment  and  pleasure* 

But  in  all  improvements,  in  all  enterprises,  the  great  truth  must 
not  be  forgotten,  that  success  is  not  to  be  expected  without  dili- 


94  A    PRACTICAL    TREATISE 

gence  and  industry.  We  must  sow  in  spring,  and  cultivate  well 
in  summer,  if  we  would  reap  an  abundant  harvest  in  autumn. — 
When  we  see  young  farmers  commence  in  life  without  a  strict 
attention  to  business,  which  they  neglect  for  mere  pleasure,  well 
may  we  in  imagination  see  future  crops  lost  by  careless  tillage- 
broken  fences,  unhinged  gates,  and  fields  filled  with  weeds — tools 
destroyed  by  heedlessness,  property  wasted  by  recklessness,  and 
disorder  and  confusion  triumphant ;  and  unpaid  debts,  duns,  and 
executions,  already  hanging  over  the  premises.  But,  on  the  other 
hand,  to  see  cheerful-faced,  ready-handed  industry,  directed  by 
reason  and  intelligence,  and  order,  energy,  and  economy  guiding 
the  operations  of  the  farm — with  smooth,  clean  fields,  and  neat, 
trim  fences — rich,  verdant  pastures,  and  fine  cattle  enjoying  them ; 
and  broad,  waving  meadows  and  golden  harvests,  and  waste  and 
extravagance  driven  into  exile,  we  need  not  fear  the  success  of 
such  a  farmer  '}  debts  cannot  stare  him  in  the  face,  nor  duns  enter 
his  threshold. 

It  is  such  enterprise  as  this  that  must  place  our  country  on  a 
substantial  basis.  Agriculture,  in  a  highly  improved  state,  must 
be  the  means  which,  next  to  the  righteousness  which  truly  exalts 
a  nation,  will  contribute  to  its  enduring  prosperity.  All  trades 
and  commerce  depend  on  this  great  art  as  their  foundation.  The 
cultivation  of  the  soil  and  of  plants  was  the  earliest  occupation  of 
man.  It  has,  in  all  ages,  been  his  chief  means  of  subsistence  ;  it 
still  continues  to  furnish  employment  to  the  great  majority  of  the 
human  race.  It  is  truly  the  great  art  of  peace,  as  during  wars  and 
commotions  it  has  languished  and  declined,  but  risen  again,  in 
strength  and  vigor,  when  men  have  lived  at  peace  with  each  other; 
it  has  then  flourished  and  spread,  converted  the  wilderness  into 
life  and  beauty,  and  refreshed  and  adorned  nature  with  embellished 
culture.  For  its  calm  and  tranquil  pleasures — for  its  peaceful 
and  healthful  labors — away  from  the  fretful  and  feverish  life  of 
crowded  cities,  "  in  the  free  air  and  beneath  the  bright  sun"  of 
heaven" — many,  who  have  spent  the  morning  and  noon  of  their 
lives  in  the  anxious  cares  of  commercial  life,  have  long  sighed  for 
a  scene  of  peace  and  of  quietude  for  the  evening  of  their  days 


ON    BUSINESS.  95 


CHAPTER   VI. 
GETTING  MONEY  BY  MERCHANDISING. 

I  WILL  use  the  term  Merchants  in  the  subsequent  pages  in  the 
Parkerian  sense,  meaning  men  who  buy  and  sell;  who  buy  to  sell, 
and  sell  to  buy  the  more.  They  fetch  and  carry  between  the  other 
classes.  They  are  distributors ;  they  are  the  merchants.  Under 
this  name  T  include  the  whole  class  who  live  by  buying  and  selling, 
and  not  merely  those  conventionally  called  merchants  to  distinguish 
them  from  small  dealers.  This  term  comprises  traders  behind 
counters,  and  traders  behind  desks ;  traders  behind  neither  counters 
nor  desks.  There  are  various  grades  of  merchants.  They  might 
be  classed  and  symbolized  according  as  they  use  a  basket,  a  wheel 
barrow,  a  cart,  a  stall,  a  booth,  a  shop,  a  warehouse,  a  counting- 
room,  or  bank.  Still  all  are  the  same  thing — men  who  live  by 
buying  and  selling.  A  ship  is  only  a  large  basket ;  a  warehouse,  a 
costly  stall.  Your  peddler  is  a  small  merchant  going  round  from 
house  to  house  with  his  basket  to  mediate  between  persons;  your 
merchant  is  only  a  great  peddler  sending  round  from  land  to  land 
with  his  ships  to  mediate  between  nations. 

The  Israelitish  woman  who  sits  behind  a  bench  in  her  stall  on 
the  Rialto  at  Venice,  changing  gold  into  silver  and  copper,  or  loan 
ing  money  to  him  who  leaves  hat,  coat,  and  other^collaterah,  in 
pledge,  is  a  small  banker.  The  Israelitish  man  who  sits  at  Frank- 
fort-on-the-Maine,  changes  drafts  into  specie,  and  lends  millions  to 
men  who  leave  in  pledge  a  mortgage  on  the  States  of  the  Church, 
on  Austria,  or  Russia,  is  a  pawnbroker  and  money-changer  on  a 
large  scale.  By  this  arithmetic,  for  present  convenience,  all  grades 
of  merchants  are  reduced  to  one  denomination — men  who  live  by 
buying  and  selling. 


96  A   PRACTICAL   TREATISE 

We  will  examine  first 

THE   PRINCIPLES   AND   PROSPECTS    OF    TRADE. 

"  Man,  they  say,  is  a  trading  animal — the  only  one.  The 
wants  of  each  individual  are  more  numerous  and  varied  than  his 
faculties  and  capacities  devoted  to  supplying  them.  Each  producer 
of  necessaries  or  comforts  naturally  produces  a  superabundance  of 
whatever  he  grows  or  fabricates,  and  exchanges  it  for  a  competence 
of  other  wares  or  staples  adapted  to  his  wants.  The  grain-grower 
has  a  large  surplus  of  grain,  but  requires  nearly  every  thing  else ; 
the  pin-maker  consumes  perhaps  a  dollar's  worth  per  year  of  his 
own  products,  and  four  hundred  and  ninety-nine  dollars'  worth  of 
other  people's,  obtained  by  the  sale  of  his  own."1  And  as  man  rises 
in  the  scale  of  civilization  his  wants  are  increased  and  diversified. 
He  labors  more,  produces  more,  exchanges  far  more.  The  lowest 
savage  may  produce  or  gather  a  hundred  dollars'  worth  per  annum, 
and  exchange  ten  dollars'  worth  of  it  for  other  necessaries  or  com 
forts  ;  while  the  population  of  the  United  States  or  Great  Britain 
produce  at  least  five  hundred  dollars'  worth  to  each  able-bodied 
man,  whereof  two-thirds  at  least  is  exchanged  by  producers  with 
each  other,  and  with  the  producers  of  foreign  lands.  And,  as  man 
shall  continue  to  rise  in  the  scale  of  intelligence,  industry,  effi 
ciency,  and  comfort,  not  merely  the  amount  but  the  proportion  of 
each  man's  products  exchanged  for  those  of  others,  must  continue 
to  increase.  The  aggregate  of  exchanges  of  property  is  probably 
now  expanding  throughout  the  world  at  the  rate  of  ten  per  cent, 
per  annum,  though  the  annual  increase  of  population  is  less  than 
three  per  cent. 

But  while  the  aggregate  of  exchanges  is  rapidly  increasing,  the 
profits  of  the  exchanges  tend  steadily  to  diminish.  It  is  the  inte 
rest  of  the  producers  of  all  classes  and  climes  to  effect  their  ex 
changes  with  each  other  as  directly  and  simply,  at  all  events  as 
cheaply,  as  possible.  It  matters  little  to  the  producers,  as  a  whole, 
whether  prices  be  low  or  high,  if  they  be  justly  proportioned.  If 
A,  being  a  farmer  in  1815,  received  a  dollar  per  bushel  for  his 
corn,  and  bought  the  broadcloth  for  his  coat  at  five  dollars  per 
yard,  and  now  can  get  just  such  broadcloth  for  two  dollars  and  a 


/ 

ON    BUSINESS.  97 

half,  while  his  corn  will  bring  but  fifty  cents  per  bushel,  he  is 
neither  better  nor  worse  for  the  change,  all  other  things  being 
equal.  But  if  in  1815  he  paid  five  bushels  of  corn  for  a  yard  of 
broadcloth,  while  the  maker  of  the  cloth  received  but  four  bushels, 
and  now  he  gives  the  like  five  bushels  per  yard,  but  the  maker 
receives  four  bushels  and  three  pecks  of  corn,  or  their  full  equiva 
lent,  for  every  yard  of  cloth  he  turns  off,  then  there  has  been  a 
real  improvement  in  the  condition  of  the  producers  of  cloth,  if  not 
of  corn  also.  And,  as  intelligence  is  diffused,  and  knowledge  is 
brought  to  bear  upon  the  most  intimate  and  homely  relations  of 
life,  the  cost  of  making  exchanges,  in  other  words,  the  charges 
and  profits  of  non-producing  traders,  must  and  do  decrease  con 
tinually. 

But  this  by  no  means  proves  that  trade  is  poorer,  nor  that 
traders,  as  a  class,  do  worse  than  formerly.  It  only  proves  that 
the  number  of  traders  cannot  and  does  not  increase  in  proportion 
with  the  increase  of  trade,  without  subjecting  them  to  the  neces 
sity  of  taking  smaller  and  still  smaller  profits.  Every  year  the 
number  of  producers,  and  of  customers  of  others'  products  increase, 
as  also  the  aggregate  of  products  exchanged.  Every  year  the  con- 
'  struction  of  canals,  railroads,  harbors,  steamships,  and  other  facili 
ties  of  transportation  and  traffic,  impels  greater  and  still  greater 
production,  with  a  still  larger  extension  of  commercial  exchanges. 
The  neighborhood  in  the  Ohio  Valley,  which  was  clad  in  homespun, 
and  did  not  pay  ten  dollars  to  each  person  for  all  its  purchases 
from  others  half  a  century  since,  now  wears  the  fabrics  of  Old  and 
New  England,  and  is  a  liberal  patron  of  the  spice  growers  of  both 
the  Indies,  the  tea  of  China,  the  coffee  of  Brazil,  and  the  fish  of 
Newfoundland,  probably  paying  thirty  dollars  per  head  for  the 
products  of  other  industry  than  its  own,  although  the  average 
range  of  prices  is  about  half  what  it  was  in  1800.  Trade  has 
greatly  increased,  is  increasing,  and  is  bound  to  increase  even  more 
rapidly  than  it  has  ever  yet  done. 

It  is  idle,  therefore,  to  say  that  commerce  is  ruined,  prostrate, 
because  overdone.  It  is  only  the  possibility  of  making  fortunes  by 
trade,  with  no  decided  capacity  for  the  vocation,  that  is  vanishing. 
The  time  is  at  hand,  if  not  already  upon  us7  when  the  mercantile 

9 


98  A    PRACTICAL    TREATISE 

is  to  take  rank  with  the  most  intellectual  and  arduous  of  the  liberal 
professions.  The  merchant  of  the  next  age  must  be  a  genius — a 
financier — a  man  born  to  be  an  efficient  and  beneficent  distributer 
of  the  bounties  of  nature,  of  the  products  of  human  labor.  If  he 
lack  these  essential  characteristics,  let  him  aspire  to  be  any  thing  else 
rather  than  a  merchant,  for  his  own  sake  and  that  of  others.  An 
incompetent  doctor  may  live,  though  his  patients  should  not;  a 
poor  lawyer  may  damage  his  clients,  yet  pocket  their  fees ;  a  thick 
headed  merchant  must  inevitably  ruin  both  himself  and  his  trust 
ing1  friends.  The  chances  that  he  may  blunder  on  and  dodge  bank 
ruptcy  foY  years  have  grown  less  and  less  until  they  are  very  nearly 
extinguished. 

It  is  idle  and  mischievous  to  hope  for  large  profits  henceforth, 
save  in  rare,  exceptional  cases.  The  general  diffusion  of  intelli 
gence,  and  improvement  of  the  facilities  for  direct  exchanges 
between  producer  and  consumer,  render  extensive  and  regular 
trade  on  the  old  basis  of  small  sales  and  large  profits  impossible. 
If  the  flour-dealers  of  New  England,  the  coal-dealers  of  New  York, 
the  shoe-dealers  of  Ohio,  will  not  supply  their  customers  at  mode 
rate  prices,  they  provoke  competitors  to  supplant  them ;  or,  this 
failing,  they  incite  consumers  to  combine  and  buy  at  wholesale  a 
cargo  of  flour,  of  coal,  of  shoes,  for  themselves.  Any  serious  at 
tempt  to  restore  the  old  system  of  sales  on  long  credits  to  doubtful 
customers,  but  at  such  high  prices  as  will  compensate  for  the  risk 
and  delay  of  payment,  would  only  serve  to  impel  the  consuming 
classes  to  withdraw  more  and  more  of  their  custom  from  traders  as 
a  class,  and  effect  more  and  more  of  their  exchanges  by  agencies 
and  arrangements  of  their  own.  The  practical  choice  of  the  mer 
cantile  class  lies  not  between  large  and  small  percentages  on  their 
sales,  but  between  small  ones  and  none. 

But  small  advances  on  cost  do  not  imply  small  profits. — On  the 
contrary,  there  never  was  a  time  when  larger  profits  are  realized 
than  may  be  now.  Let  us  suppose,  for  example,  that  New  Eng 
land  annually  consumes  ten  thousand  tons  of  Western  bacon,  and 
that  the  quantity  so  consumed  is  annually  increasing.  Now,  if  any 
Boston  merchant  at  home  can  manage  to  become  the  channel  of 
interchange  between  the  producers  and  consumers  of  half  those 


ON    BUSINESS.  99 

hams  at  an  average  net  profit  of  2  per  cent.,  assuming  the  hams 
to  be  worth  $150  per  ton,  that  merchant  or  house  would  clear 
$15,000  annually  on  bacon  alone.  'So  with  flour,  groceries,  and 
every  thing  else. 

These,  then,  are  the  essential  bases  of  a  profitable  and  safe  trade 
in  the  future ;  first,  ability  to  supply  the  public  demand  on  as 
favorable  terms  as  any  one  else  can  offer;  secondly,  universal 
knowledge  of  the  fact,  and  assurance  that  it  may  be  relied  on. 
Let  a  Boston  dealer  in  flour,  or  meats,  or  cloths,  or  any  thing  else 
be  able  to  supply  New  England  with  whatever  he  deals  in  at  the 
lowest  possible  rate,  and  let  all  New  England  be  assured  of  the 
fact  that  he  can  and  will  do  so,  and  his  fortune  is  made.  No 
matter  though  his  average  net  profit  should  range  even  below  1  per 
cent.,  his  annual  income  must  exceed  his  necessary  expenses  by 
thousands  of  dollars. 

The  merchant,  therefore,  who  aims  to  succeed  in  business  must 
aim  at  these  two  points  :  first,  to  be  sure  that  he  can  satisfy  a  wide 
demand  for  the  articles  he  deals  in  on  the  lowest  practical  terms  ; 
secondly,  that  every  body  within  the  proper  scope  of  his  business  is 
made  aware  of  his  ability,  and  confident  of  his  disposition  to  do 
so.  These  points  attained,  he  has  only  to  do  his  business  properly 
as  it  comes  in  upon  him,  and  his  fortune  is  secure. " 

Having  thus  settled  upon  the  general  principles  and  prospects  of 
trade,  we  shall  proceed  to  consider  in  detail :  First,  What  consti 
tutes  ability  to  supply  a  public  demand  ?  Secondly,  How  to  get 
customers?  and  Thirdly,  The  characteristics  and  duties  of  the 
merchant,  or  the  true  man  of  business. 

THE  FIRST  REQUISITE    OF  ABILITY  IS  A  KNOWLEDGE  OF  THE 
BUSINESS. 

Every  business  that  is  worthy  of  the  name  has  two  departments : 
its  science  to  be  understood  by  study,  and  its  art  to  be  acquired  by 
practice.  A  knowledge  of  both  is  especially  necessary  to  the  com 
plete  education  of  the  merchant.  The  number  of  good  practical 
business  men  who  have  failed  within  the  last  fifty  years  is  sufficient 
to  show  that  the  science  or  principles  of  business  has  not  re 
ceived  the  study  and  attention  which  it  deserves.  A  knowledge  of 


100  A   PRACTICAL    TREATISE 

the  theory  of  a  profession  gives  stability  to  character,  a  disposition 
to  act  within  known  laws,  checks  the  temptation  to  sacrifice  prin 
ciple  for  a  temporary  end,  and  throws  around  the  dull  details  of 
practice  an  air  of  intellectuality  that  is  exceedingly  attractive  to 
an  ingenious  mind.  It  does  more.  It  gives  wisdom  in  practice, 
and  traces  out  consequences  by  the  light  of  experience.  '  What  is 

-  science  ?     "  To  know  while  any  thing  is  taking  place  what   must 
follow ;  in  other  words,  to  know  the    necessary  consequence  of 
what  is  going  on  at  the   present  moment — that  is   science.     To 
know,  when  any  thing  has  occurred,  what  must  have  preceded ;  in 
other  words,  to  know  the  necessary  antecedents  of  what  has  oc 
curred — that  is  science."     It  is  the  extracted  essence  of  facts — the 
logical  result  deduced  from  repeated  experiments. 

Observation,  conversation,  and  reading  are  the  sources  from 
which  a  knowledge  of  the  theory  of  a  profession  is  to  be  derived, 
The  first  two  will  furnish  facts,  while  books  will  furnish  facts  and 
principles.  The  wisdom,  touching  negotiation  or  business,  has 
not  been  entirely  collected  into  writing,  even  at  this  day,  though 
much  has  been  done  in  late  years — and  the  student  of  mercantile 

-  science  is  compelled  in  a  degree  to  depend  upon  his  own  sagacity. 
He  must,  therefore,  never  forget  that  he  has  two  eyes,  two  ears, 
and  one  tongue.     He  must  be  continually  on  the  watch  for  ideas 
which  may  give  him  a  clue  to  that  labyrinth   in  which  few  have 
travelled  safely,  and  thousands  have  been  lost.     Books  on  general 
or  special  business  should  be  his  vade  mecum.     They  should  be 
owned,  read,  and  re-read.     They  contain  the  experience  of  men  who 
have  gone  over  tne  same  or  a  similar  road ;  or  the  thoughts  of  others 
as  to  its  places  of  safety  and  of  danger,  based  on  the  united  experi 
ence  of  many.     They  cannot  fail  to  furnish  valuable   hints ;  and 
may  suddenly  dart  into  his  mind  an  idea  that  will  be  worth  to  him 
thousands  of  dollars.     Books  of  history,  facts,  and  principles,  are 
always  valuable.     They  deserve  to  be  held  in  higher  estimation  by 
practical  men  than  they  are.     They  stimulate  the  mind  to  think, 
and  suggest  safe  expedients  in  doubtful  circumstances.     There  is 
unquestionably  an  analogy   between   all  the  various   pursuits  of 
mankind — between  war  and   speculation — between   statesmanship 
and  the  management  of  public  bodies ;  and  it  has  been  remarked 


ON    BUSINESS.  101 

that  those  who  have  been  distinguished  for  success  in  business  are 
of  the  same  stamp  as  those  who  are  eminent  in  the  walks  of  lite 
rature  and  science. 

Every  man  and  every  store  should  have  a  library  of  select  prac 
tical  works.  But  many  books  are  not  desirable.  It  is  the  man  of 
few  books  and  much  thought  who  wields  power.  A  distinguished 
writer  remarks  that  he  never  felt  afraid  to  meet  a  man  who  has  a 
large  library.  Those  books  should  be  selected  which  have  a  tend 
ency  to  excite  ideas  in  the  mind  of  the  reader,  and  to  arouse  the 
mental  energies  into  action,  and  which  afford  deeper  and  clearer 
views  of  life  and  the  business  of  life.  Books  are  the  sources  from 
which  the  student  should  draw  his  first  knowledge  of  his  profession ; 
and  he  should  continue  to  draw  from  this  fountain  through  life. 
"  What  you  read  to-day  will  soon  be  gone — expended  or  forgotten  ; 
and  the  mind  must  be  continually  filled  up  with  new  streams  of 
knowledge.  Even  the  ocean  would  be  dried  up,  were  the  streams 
to  be  cut  off  which  are  constantly  flowing  into  it.  How  few  read 
enough  to  stock  their  minds.  And  the  mind  is  no  widow's  cruise 
which  fills  with  knowledge  as  fast  as  we  empty  it.  '  It  is  the 
hand  of  the  diligent  which  maketh  rich/  ' 

But  the  knowledge  of  the  science  of  his  profession  will  not  con 
stitute  any  one  master  of  the  art.  He  must  know  not  only  how  - 
his  trade  should  be  performed,  but  how  to  perform  it.  He  has  a 
Tidbit  to  acquire — a  practical  power  and  facility  in  the  application  - 
of  principles.  This  is  a  work  of  time,  and  the  result  of  progres 
sive  drilling  and  repeated  effort.  This  is  especially  true  of  the 
mercantile  profession,  and  to  this  end  an  apprenticeship  is  necessary. 
In  London,  it  is  customary  to  pay  a  fee  for  being  taught  almost 
any  trade  or  calling.  It  varies  from  $50  to  S3, 000.  In  mercan 
tile  business  the  fee  is  usually  from  $500  to  $1500,  according  to 
the  business,  character  of  the  house,  and  the  means  of  the  party 
applying.  In  the  United  States,  apprentice  fees  are  not  customary. 
But  they  are  given,  in  rare  instances,  for  special  reasons,  as  I  have 
heard  of  the  sum  of  8500  beiug  paid  for  the  opportunity  to  learn 
the  art  and  mysteries  of  the  silk  business. 

One  of  the  most  important  objects  to  be  acquired  during  appren 
ticeship,  if  not  the  most  important,  is  a  judgment  of  the  value  of 

9* 


102  A    PRACTICAL    TREATISE 

goods.  A  man  must  possess  this  knowledge  to  do  justice  to  his 
customers  and  to  himself;  and  to  avoid  cheating  and  being  cheated. 
The  want  of  it  will  blast  his  reputation,  and  defeat  the  best  laid 
plans  for  success.  It  is  a  defect  that  cannot  be  concealed.  A 
shrewd  seller  will  detect  it  in  a  buyer  as  quickly  as  an  old  banker 
will  ferret  out  an  accommodation  bill ;  and,  unfortunately,  there  are 
few  who  will  not  take  advantage  of  it.  He  must,  then,  sell  what 
he  buys,  an  inferior  article,  for  a  better,  and  this  is  a  sure  way  to 
get  a  bad  name  and  drive  away  custom.  It  is  a  knowledge  that 
can  only  be  acquired,  to  perfection,  in  youth.  A  judgment  taken 
in  early  is  seldom  lost,  as  a  judgment  taken  in  late  is  seldom  good. 
Here  the  cultivation  of  the  senses,  of  which  I  have  before  spoken, 
is  especially  valuable ;  here  the  Indian's  habits  of  close  observation, 
the  blind  man's  acuteness  of  touch,  are  aids  to  fortune. 

In  the  dry-goods  business,  a  retail  store  is  a  better  school,  in 
which  to  attain  this  knowledge,  than  a  wholesale  house.  The 
wholesale  merchant  buys  of  the  manufacturer  under  a  warranty, 
and  the  principal  bone  of  contention  is  the  price.  He  sells  again 
to  the  retailer,  with  the  same  warranty,  or  the  retailer  may  choose 
or  reject,  without  stating  reasons,  so  that  the  observer,  however 
attentive,  may  learn  nothing.  In  a  retail  store  it  is  different.  The 
frugal  housewife,  who  may  be  a  customer  of  the  retailer,  is  not  so 
taciturn  and  credulous ;  warranties  will  not  satisfy  her;  she  "  wants 
a  patch  to  try ;"  and  if  soap,  boiling,  and  half  a  day's  hard  labor 
will  change  it,  she  triumphantly  returns  it  in  vindication  of  her 
foresight.  This  may  be  called  positive  evidence.  Besides  this, 
there  are  a  hundred  observations  and  objections  made  by  different 
customers,  in  a  retail  store,  which  one  person  would  never  think 
of,  and  which  the  young  man  who  is  desirous  of  improvement  should 
use  as  suggestions  for  examination.  He  knows  the  first  cost  of  the 
goods  ;  he  s.ees  what  gain  or  what  loss  is  made  ;  he  is  led  to  inquire 
into  the  reason  of  the  difference;  sees  where  they  are  deficient,  and 
if  he  is  careful  in  his  observations,  he  is  naturally  led  to  have  a 
good  judgment  of  their  value. 

Book-keeping,  business  correspondence,  and  .their  adjuncts,  are  of 
essential  importance  in  a  mercantile  education,  They  aro  now  re 
garded  as  such,  and  no  deficiency  need  be  noted,  Books  have  been 


ON    BUSINESS.  103 

called  the  tradesman's  repeating-clock,  to  tell  him  how  he  goes  on. 
The  system  of  book-keeping  by  double  entry  is,  perhaps,  the  most 
beautiful  one  in  the  wide  domain  of  literature  or  science.  Were 
it  less  common,  it  would  be  the  admiration  of  the  learned  world. 

The  object  of  speech  or  writing  is  to  convey  our  thoughts  so 
that  another  may  understand  them.  Business  correspondence 
should  be  plain,  clear,  and  concise.  Fine  writing  is  ridiculous ; 
verbose  writing  is  tedious ;  while  the  terse,  curt  style,  which  some 
use,  is  affected.  The  accomplished  business  man  should  make  it  a 
point  to  familiarize  himself  with  the  peculiar  technical  terms  of  art 
which  are  found  in  every  trade  or  calling,  while  he  should  avoid 
using  those  of  his  own  profession  when  writing  to  men  in  a  diffe 
rent  occupation.  Singular  mistakes  have  occurred  from  a -want  of 
this  understanding.  I  will  mention  one  :  "  A  brick-maker,  being 
hired  by  a  brewer  to  make  some  brick  for  him  at  his  country-house, 
wrote  to  the  brewer  that  he  could  not  go  forward  unless  he  had 
two  or  three  loads  of  Spanish;  that  otherwise  his  brick  would  cost 
him  six  or  seven  chaldrons  of  coal  extra,  and  the  bricks  would  not 
be  so  good,  and  hard  neither,  by  a  great  deal,  when  they  were 
burnt.  The  brewer  hereupon  sends  down  two  cart-loads,  with  about 
twelve  hogsheads  or  casks  of  molasses,  which  frightened  the  brick- 
maker  almost  out  of  his  senses.  The  case  was  this  :  The  brewers 
formerly  mixed  molasses  with  the  ale  to  sweeten  it,  and  abate  the 
quantity  of  malt,  molasses  being  at  that  time  much  cheaper,  and 
this  they  called  Spanish,  not  being  willing  their  customers  should 
know  it.  Again,  the  brickmakers,  all  about  London,  mix  sea-coal 
ashes  or  laystal  stuff  as  we  call  it,  with  their  clay,  and  by  that 
shift,  save  eight  chaldrons  of  coals  out  of  eleven,  to  the  burning 
of  100,000  bricks  in  proportion  to  what  other  people  burn  them 
•with  ;  and  these  ashes  they  call  Spanish ;  but  neither  the  brewer 
on  the  one  hand,  nor  the  brickmaker  on  the  other,  understood  any 
other  of  it  than  as  it  related  to  his  separate  business." 

The  object  of  apprenticeship  is  to  understand  a  special  business 
thoroughly.  A  man  cannot  be  said  to  understand  a  business 
thoroughly,  unless  he  is  acquainted  with  its  remote  as  well  as'  its 
immediate  connections.  He  must  not  only  be  a  good  judge  of 
the  article  in  which  he  deals,  but  he  should  know  where  thev  are 


104  A    PRACTICAL    TREATISE 

manufactured,  of  what,  and  the  manufacturer's  prices,  how  bought 
at  first  hand,  the  best  markets  to  buy  and  to  sell  in,  the  rate  of 
duties,  &c.  This  information  it  is  sometimes  difficult  to  acquire, 
but  "  where  there  is  a  will  there  is  a  way."  It  is  necessary  in 
order  to  buy  right.  In  importing  houses,  it  is  a  customary  thing 
to  see  men  swallow  down  a  story  that  an  article  cost  $2  50,  to 
import  which  cost,  probably,  $1,  and  then  again  haggle  about  the 
price  of  another  article  which  is  offered  at  less  than  cost  of  impor 
tation.  To  be  entitled  to  the  distinction  of  understanding  a  busi 
ness  thoroughly,  he  must  be  able  to  judge,  too,  at  all  times,  from 
his  own  resources — that  is,  independently  of  his  neighbor's  opin 
ion — of  the  condition  and  prospects  of  his  business  in  all  its 
relations.  If  this  be  true,  which  I  think  the  majority  will  admit, 
I  will  not  hazard  the  popularity  of  this  book  by  mentioning  the 
number  of  those  who  do  understand  their  business  thoroughly. 
That  there  is  a  lamentable  deficiency  in  this  respect,  is  evidenced 
by  those  extraordinary  fluctuations  in  price  so  often  witnessed, 
and  by  the  fact  that  panics  can  frequently  be  manufactured  at 
will  by  speculating  men,  whenever  sufficient  time  has  elapsed  after 
a  previous  one,  for  traders  to  become  frightened  at  their  own  pros 
perity.  How  often  have  we  witnessed  fluctuations  in  the  price 
of  articles,  for  which  none  could  account !  How  often,  when  the 
political  and  commercial  skies  appeared  as  calm  as  a  summer's  day, 
have  we  suddenly  heard  the  cry  of  hard  times  rung  out,  and  felt 
the  reality  follow,  for  which  the  wisest  could  not  assign  a  rational 
cause  !  Why  is  this  ?  What  are  called  crises  in  the  commercial 
world  are,  in  my  opinion,  the  result  mainly  of  two  causes  ]  a  want 
of  accurate  knowledge  among  the  majority  of  trading  men  respect 
ing  the  true  condition  of  things;  and,  in  addition,  the  conscious 
ness  of  a  general  .disregard  of  prudence  in  extending  liabilities  far 
beyond  capital.  Consequently,  when  a  few  influential  speculators, 
seeking,  perhaps,  more  lucrative  investments  for  their  money, 
aided  by  a  few  respectable  newspapers,  begin  their  dire  fore 
bodings,  followed  by  stout  asseverations  that  their  predictions 
have  come  true,  fear  seizes  hold  of  men's  minds,  and  they  create 
the  ruin  they  would  fain  avert.  Fluctuations  in  prices  must  and 
will  occur — money  will  be  at  certain  times  less  abundant  than  at 


ON    BUSINESS.  105 

others— but  the  laws  that  regulate  supply  and  demand,  if  left  to 
the  operation  of  natural  causes,  or  such  as  could  be  foreseen  by 
all  if  all  were  attentive  observers,  are  as  regular  as  the  ebb  and 
flow  of  the  tides.     Did  each  trader,  then,  fortify  himself  by  an 
accurate  knowledge  of  the  business  in  which  he  is    engaged,  all 
the  arts  of  speculators  in  the  country  could  not  produce  a  sudden 
nor  extraordinary  rise   or  fall  in  the  prices-  of  his  merchandize. 
Did  each  business  man  cease  the  petty  retailing  of  his  neighbor's 
opinions  as  facts,  as  well  as  maintain  at  all  times,  or  rather  with 
out  regard  to  times,  a  prudent  proportion  of  liabilities  to  capital 
in  the  management  of  his  business,  all  the  inventions  and  croak- 
ings  of  the  stock-jobbers  of  the  world  could  not  produce  a  panic. 
"  Among  the  innumerable  and  troublesome  ills  of  life,"  observes 
the  Dry  Goods  Reporter,  and  we  commend  these  remarks  to  the 
consideration  of  merchants  as  a  matter  of  vital  importance,  "  that 
of  slackness,  or  a  want  of  promptitude  in   our  business,  stands  — 
pre-eminent.     A  common  feeling  prevails  among  men  of  every 
variety   of  trade,  more  especially  those   termed    the   dry  goods 
branch,  that  the  opinion  of  our  neighbor  in  business,  relative  to 
the  condition  of  the  market  for  purchasing  and  selling,  will  enable 
us  to  better  judge  of  the   greatest  profit  and  loss.     This,  to  a 
limited  extent,  may  be  true  ;  but  only  true  to  the  man  who  has  no 
other  sources  of  information.     It  is  the  want  of  a  system  in  such 
people's    method  of   doing  business — a  careful  concern  troubles 
them  relative  to  paying  out  a  few  shillings  for  information  which, 
in  many  instances,  would  add  hundreds  of  dollars  to  their  profits. 
There  is  true  merit  in  the  determination  to  keep  our  expenses  with 
in  a  reasonable  limit,  but  still  there  is  manifest  danger  of  damming 
up,  with  avarice,  some  streams  that  would  mingle  and  swell  the 
tide  of  accumulation.     If  there  is  any  one  worthy  of  success,  in  - 
the  purchasing  and  selling  pursuits,  it  is,  and  must  reasonably  be, 
the  man  who  looks  into  the  resources — the  outgoes  and  incomes 
of  the  branch  of  business  that  sways  his  investments.    The  manu 
facturer  is  accustomed  to  make  a  calculation  of  the  cost  of  raw 
material,  of  the  labor  bestowed,  the  waste  in  manufacturing,  the 
transportation,  commissions,    and  the    numerous    little   expenses 
attending  the  production   and  sale  of  the  article  he  designs  to 


106  A    PRACTICAL    TREATISE 

fabricate.  The  mechanic  and  artist  work  by  fixed  rules — and  there 
is,  as  a  general  thing,  so  much  intelligence  among  the  two  classes 
mentioned,  that  they  can  inform  you  of  the  cost  and  amount  at  all 
times  of  every  article  they  produce  ;  and  this  it  is  that  enables 
them  to  transact  their  business  with  such  success.  It  is  a  fact, 
sustained  by  abundant  proof,  in  nearly  all  manufacturing  towns, 
that  the  mechanics  are  the  wealthiest  citizens.  We  speak  of  them 
as  a  body — we  do  not  intend  to  advance  the  idea  that  they,  as 
individuals,  hold  the  greatest  amount  of  wealth;  nor  do  we  think 
to  introduce  the  jobbers — but  allude  more  particularly  to  the  re 
tailers.  The  reason  we  assign  for  the  existing  evil,  is  a  want  of 
system  and  self-reliance.  Let  that  trader,  who  has  sunk  the  last 
twelve  months  as  many  hundred  dollars,  lean  no  longer  upon  the 
opinions  of  a  few,  who  regulate  his  purchases  and  post  him  up.  on 
the  condition  of  the  large  markets.  The  means  are  abundant  for 
a  perfect  analysis  of  the  whole  trade,  both  on  a  small  and  a  large 
scale }  by  watching  closely  the  amount  of  importations  and  the 
exports,  we  may  know  at  all  times  the  bulk  and  styles  in  the 
markets — and  from  the  weekly  auction  sales  of  New  York,  Bos 
ton  and  Philadelphia  (through  which  beats  the  pulse  of  the  mar 
ket,)  we  may  calculate  upon  the  absolute  demand  and  surplus  of 
goods.  We  ourselves  might  spend  the  whole  week  in  the  market, 
inquiring  the  prices  of  A.  B  and  C,  and  return  to  our  sanctum  as 
lean  as  we  went  out ;  but  when  we  strike  at  the  resources  of  the 
producers,  the  manufacturer's  orders,  and  trace  through  the  do 
mestic  and  importing  avenues  the  amount  of  goods  coming  for 
ward,  we  have  a  source  of  information  which  is  tangible  and 
entirely  reliable.  Such  sources  cultivate  self-reliance — induce 
men  to  think  and  act  upon  a  sure  basis.  The  loss  and  gain  may 
be  calculated  upon  to  a  single  farthing.  We  can  only  add,  that  a 
correct  knowledge  of  any  branch  of  business  in  which  we  engage 
will  secure  prosperity,  if  promptly  attended  to.;;* 

*  Among  the  sources  of  reliable  statistical  information  may  be  men 
tioned,  the  two  principal  commercial  magazines  of  the  country — the  Mer- 
cnanfs  Magazine  of  New  York,  and  De  Bow's  Review  of  the  Southern  and 
Western  States,  conducted  by  J.  D.  B.  De  Bow,_  Professor  of  Political 
Economy,  &c.,  in  the  University  of  Louisiana,  and  published  at  New  Or- 


JON    BUSINESS.  107 

But  even  this  knowledge  is  not  enough  to  complete  the  educa 
tion  of  the  accomplished  business  man.  He  should  understand 
more  than  his  special  business.  "  I  have  taken/'  says  Bacon  in  a 
letter,  written  when  he  was  only  thirty-one,  to  his  uncle,  Lord  Bur- 
leigh,  "  I  have  taken  all  knowledge  to  be  my  province/'  A  merchant 
should  take  all  business  to  be  his  province.  He  should  have  a  fami 
liar  acquaintance  with  one  or  more  kinds  of  business,  akin  to  his  own, 
and  a  general  acquaintance  with  all  trades  and  business.  In  the  course 
of  a  lifetime,  he  will  be  called  upon  to  deal  frequently  with  men 
out  of  his  line,  and  without  this  acquaintance  he  cannot  deal  advan 
tageously  or  satisfactorily.  And  again,  wars,  embargoes,  inventions, 
and  excessive  competition  may  cause  a  falling  off  of  his  special  busi 
ness  j  and  he  who  possesses  this  knowledge  can  more  readily  adapt 
himself  to  another  business  than  one  who  has  neglected  this  pre 
caution.  When  Napoleon's  laws  and  decrees  so  seriously  deranged 
the  commerce  of  England,  pressing  necessity  forced  the  merchants, 
to  advise  that  every  one  should  make  himself  master  of  two  trades. 

Having  completed  the  usual  term  of  apprenticeship,  and  laid 
the  foundation  of  a  business  education,  to  be  perfected  by  experi 
ence,  the  next  grave  question  that  will  occur  to  a  young  man  will 

leans.  The  former  is  well  known  to  the  mercantile  community  ;  but  the 
latter,  though  extensively  patronized,  and  a  standard  authority  at  the  South, 
has  not  received  from  the  merchants  of  the  North  that  support  which  an 
enlightened  regard  to  their  own  interests  would  seem  to  demand.  The 
statistical  information  embodied  in  its  pages  respecting  the  staples  of  the 
South  and  West,  which  form  the  basis  of  a  great  part  of  all  our  leading 
commercial  transactions,  is  immense.  More  than  three  large  volumes  have 
been  published  upon  COTTON  alone,  and  more  than  a  thousand  pages  upon 
SUGAR.  In  point  of  literary  merit  too,  it  is  unsurpassed.  The  leading  ar 
ticles  have  been  written  with  a  vigor  of  thought  and  purity  of  style  not 
excelled,  if  equalled  in  the  annals  of  commercial  literature,  and  the  intel 
lectual  tastes  fostered  by  them  are  exceedingly  favorable  to  mental  growth 
and  worldly  prosperity.  Mr.  De  Bow,  I  have  learned,  will  shortly  publish 
a  condensation  of  all  the  important  papers,  articles,  and  statistics,  that 
have  appeared  in  the  twelve  published  volumes  of  his  Review,  in  three,  to 
be  entitled;  "  The  INDUSTRIAL  RESOURCES  OF  THE  SOUTHERN  AXD  WEST 
ERN  STATES,"  and  I  sincerely  trust  that  no  intelligent  merchant  will  over 
look  the  advantages  he  will  enjoy,  in  possessing  this  vast  repository  of 
reliable  and  valuable  information. 


108  A   PRACTICAL    TREATISE 

be  whether  he  shall  embark  in  business  on  his  own  account,  or 
seek  a  situation  in  the  employ  of  another.  The  two  main  points 
that  will  govern  his  decision  in  this  matter,  will  be  the  amount  of 
his  capital,  and  the  probable  amount  of  his  sales  and  net  profits. 

CAPITAL. — This,  in  a  broad  sense,  means  labor  accumulated  in 
such  form  as  to  facilitate  future  production.  In  a  commercial 
sense,  it  means  the  stock  of  merchandise,  or  money  which  an  indi 
vidual  or  company  originally  puts  into  the  business,  or  that  part 
which  an  individual  contributes  to  the  trading  stock  of  a  partner 
ship  when  it  is  first  formed.  Mercantile  transactions  are  so  varied 
in  nature  and  extent  that  no  certain  amount  which  an  individual 
should  possess  can  be  suggested.  The  only  rule  that  can  be  given 
is,  that  the  capital  should  be  adequate  to  the  business — that  it  should 
be  increased  in  'proportion  to  the  business,  or  the  business  be  kept 
down  to  a  level  with  the  capital. 

No  one  is  justified  in  starting  a  business  without  the  moderate 
capital  usually  required  to  carry  it  on,  trusting  to  accommodations 
and  credit  for  success.  It  has  been  stated  that  four-fifths  of  the 
men  who  are  wealthy  commenced  business  on  borrowed  capital. — 
This  may  be  true,  but  it  was  actually  capital — borrowed  for  no  de 
finite  period,  or  such  length  of  time  that  it  could  be  paid  out  of 
the  profits  of  the  business,  and  not  from  the  sales  of  stock.  No 
one  who  has  tried  doing  a  business  without  a  suitable  capital,  even 
if  he  has  succeeded,  will  advise  another  to  attempt  it.  It  involves 
an  amount  of  anxiety,  a  degree  of  labor,  embarrassment,  and  ha 
zard,  which  is  painful  to  reflect  upon.  To  do  a  business  alto 
gether  on  credit  requires  a  fortunate  combination  of  circumstances, 
to  make  it  successful,  that  no  prudent  man  would  predict. 

There  are  several  important  questions  relating  to  the  manage 
ment  of  capital,  that  deserve  consideration.  One  very  important 
one  is,  What  proportion  should  capital  bear  to  liabilities  in  a  mer 
cantile  business  ?  In  other  words,  how  far  is  it  prudent  for  a  man 
to  extend  his  purchases  beyond  his  actual  capital?  I  have  taken 
considerable  pains  to  learn  something  on  this  subject,  but  cannot 
boast  of  my  success.  In  banking,  the  safe  rule  has  been  laid 
down  to  be,  the  proportion  of  three  to  one.  Gilbart,  manager  of 


ON    BUSINESS.      .  109 

the  London  and  Westminster  Bank,  says,  in  his  Treatise  on  Bank 
ing)  "  Although  the  proportion  which  the  capital  of  a  bank  should 
bear  to  its  liabilities  may  vary  with  different  banks,  perhaps  one 
would  not  go  far  astray  in  saying  that  it  should  never  be  less  than 
one-third  of  its  liabilities.  I  would  exclude,  however,  from  this 
comparison,  all  liabilities,  except  those  arising  from  notes  and  de 
posits.  If  the  notes  and  deposits  together  amount  to  more  than 
three  times  the  amount  of  the  paid-up  capital,  the  bank  should  call 
up  more  capital."  In  New  England,  the  safe  limit,  as  I  am  in 
formed  by  David  M.  Balfour,  Esq.,  is  considered  to  be  that  of  two 
to  one.  In  business,  one  of  the  most  eminent  bankers  in  Europe 
has  given  it  as  his  deliberate  opinion  that  a  man  should  not  extend 
his  business  to  more  than  tlirce  times  the  amount  of  his  capital, 
and  if  it  be  a  large  business,  to  not  more  than  twice  his  capital. — 
I  presume,  however,  that  the  rule  must  vary  with  different  kinds 
of  business ;  but  there  is  a  limit  in  each  particular  business  beyond 
which  it  is  not  prudent  to  go.  A  man  has  the  right  to  risk  his  own 
capital,  but  he  has  no  right  to  risk  the  property  of  others  without 
their  consent,  and  he  can  only  honestly  extend  his  business  at  any 
time,  so  that  if  his  property  should  suddenly  depreciate  in  value 
to  the  ordinary  level  of  low  prices,  and  he  should  meet  with  the 
average  percentage  of  losses  by  bad  debts,  and  other  risks  inci 
dental  to  the  business,  he  would  still  be  able  to  pay  his  debts. — 
Without  accurate  information  on  these  points,  I  think  that  a  man 
whose  liabilities  are  already  three  times  the  amount  of  his  capital, 
should  be  extremely  cautious  in  extending  his  purchases,  however 
inviting  the  speculation  may  appear ;  and  that  in  the  taking  and 
giving  of  credit,  he  cannot  calculate  with  any  degree  of  certainty 
in  being  able  to  meet  his  payments  promptly,  except  by  giving 
one-third  less  credit  than  he  takes.* 

*  Extract  from  a  private  letter  of  the  Hon.  Horace  Greeley,  dated  April 
22,  1852  :  "  The  extent  to  which  a  trader  may  innocently  involve  himself 
in  debt  has  been  discussed  by  able  writers,  with  varying  conclusions.  It 
is  manifestly  impossible  to  prescribe  any  arbitrary  rule  on  this  subject. 
One  man  may  owe  three  times  the  amount  of  his  capital,  yet  be  perfectly 
and  impregnably  solvent,  while  another  who  owes  only  twice  the  amount 
of  his  capital  may  fail,  and  seriously  injure  his  creditors.  A  farmer  worth 

10 


110  A    PRACTICAL    TREATISE 

Another  question  is,  How  should  a  surplus  capital  be  invested? 
When  profits  have  accumulated,  and  the  business  does  not  de 
mand  an  immediate  increase  of  capital,  or  when  the  entire  capital, 
ordinarily  required,  is  not  in  use,  the  balance  is  called  a  surplus 
capital.     This    should  be  invested  in  a  good  mercantile  security, 
and  held  as  a  reserve  for  use  when  it  may  be  needed,  but  I  doubt 
whether  all  who  are  engaged  in  business  have  a  clear  conception 
of  what  constitutes  a  good  mercantile  security.     I  have  known  fre 
quent  instances  of  great  embarrassment  arising  from  a  misconcep 
tion  of  this  point.      Many  whose  lamentations  are  most  mournful 
when  cramped  with  limited   means,  as   soon   as   the  pressure   is 
a  little  removed,  will   invest   their   surplus   funcls  in  such   way, 
that   the    next    news    is    a    protest.     Some    buy    a   lot,   but,    as 
they  quickly  discover  that  a  lot  without  an  improvement  is  an 
expense,  so  the  sooner  they  build  the  better,  and  they  withdraw 
a  part  of  the  capital  actually  needed  in  their  business,  in  the 
forlorn  hope  of  replacing  it  by  increased  profits.     Others,  again, 
turn  land  speculators,  and  buy  several  lots,  or  a  country  seat,  pay 
ing  part  cash,  giving  a  mortgage  for  the  balance;  or  they  will 
engage  in  an  additional  business,  in  either  case,  their  creditors 
can   calculate  with   considerable  certainty  that  they  must  shortly 
renew  their  notes,  or  receive  a  protest.     It  must  be  borne  in  mind 
that  capital  is  of  two  kinds,  fixed  and  floating.     The  distinction 
between  them  is,  that  all  commodities  or  improvements,  for  which 
the  owners  only  receive  rent  or  interest,  constitute  fixed  capital,  as 
houses,   land,   ships,    machinery,  &c.  ;  and  all  commodities,  the 
entire  cost  of  which  is  replaced  out  of  the  current  income,  are 
floating  capital.     The  former  are   stationary,  yield  only  income, 

but  $1,500,  may  buy  a  farm  worth  $5,000,  pay  $1,000  down,  and  give  a 
mortgage  for  the  balance,  being  perfectly  solvent  in  any  probable  event ; 
while  he,  who  being  worth  $10,000  should  invest  $20,000  in  shipments  to 
California,  might  be  justly  chargeable  with  reckless  and  culpable  gambling, 
with  other  men's  property  as  his  stock.  The  obvious  rule  is  that  no  man 
has  a  right  to  hazard  other  men's  property,  without  fairly  apprising  his 
creditors  of  the  nature  and  extent  of  the  risk,  and  obtaining  their  consent 
to  the  measure.  And  then,  the  debtor  should  be  careful  that  he  incur  no 
responsibility  that  he  cannot  fully  justify  to  his  own  conscience,  and  docs 
not  unalterably  purpose  to  discharge." 


ON    BUSINESS.  Ill 

and  are  slow  of  transfer;  the  latter  are  constantly  circulating, 
and  easily  convertible  into  cash.  A  reserve  capital  should  always 
be  easily  convertible  into  money,  as  the  exigencies  of  trade  may 
require,  and  hence  it  should  always  be  invested  in  those  commodi 
ties  which  constitute  the  floating  capital  of  a  country,  as  stocks, 
merchandise,  notes,  bills  of  exchange,  &c.  There  are  few  men 
in  this  country  who  have  more  cash  than  they  can  advantageously 
use  in  their  business ;  and  there  is  always  an  abundance  of  good 
floating  securities  for  temporary  investment.  Cash,  and  property, 
in  merchandising,  are  two  different  things,  as  the  business  of  the 
trader  and  that  of  the  capitalist  are  different  pursuits.  The  advice 
of  the  Irishman  is  directly  applicable  to  men  in  trade,  in  the  man 
agement  of  their  cash  :  "Be  aisy,  and  if  you  can't  be  aisy,  be  as 
aisy  as  you  can  ;"  and  we  may  add,  when  you  are  easy  keep  easy. 
To  invest  their  surplus  capital  in  such  a  way  that  it  will  be  a 
prop  and  not  an  injury  to  their  business,  is  a  matter  for  careful 
consideration  by  men  in  all  kinds  of  business,  whether  traders,  me 
chanics,  or  manufacturers ;  but  what  constitutes  a  proper  mercan 
tile  security  is  a  consideration  of  the  first  importance  to  produce 
and  commission  merchants,  and  to  all  who,  being  in  the  practice 
of  making  advances  on  consignments,  are  especially  liable  to  error 
on  this  point.  The  London  Economist,  some  time  since,  contained 
the  true  doctrine  on  the  subject.  It  is  quite  legitimate,  it  says, 
for  a  merchant  residing  at  home  to  advance  his  capital  on  produce 
consigned  to  him  abroad,  or  for  a  merchant  residing  abroad  to 
advance  his  capital  to  the  producer  on  the  spot,  in  anticipation  of 
the  future  sales  of  the  produce  prior  to  its  shipment.  And  it  may 
even  be  legitimate  to  make  advances  on  a  growing  crop,  especially 
when  the  state  of  the  law  admits  of  an  assignment  of  such  property 
in  that  state,  and  secures  its  delivery,  and  when  the  commodity 
does  not  require  to  pass  through  a  manufacturing  process  before  it 
is  ready  for  market.  But  beyond  this  point,  it  is  impossible  the 
merchant  can  pass  without  great  hazard ;  or  at  least  without 
accepting  what  cannot  be  called  a  good  mercantile  security.  Up 
to  that  point,  the  repayment  of  his  capital  is  guaranteed  by  the 
ultimate  sale  of  the  produce  he  holds,  either  in  the  form  of  bills 
of  lading,  dock  warrants,  or  bills  of  exchange,  securities  represent- 


112  A    PRACTICAL   TREATISE 

ing  his  advances  until  the  actual  capital  is  again  returned  to  him. 
But  the  moment  the  merchant  passes  this  point  in  his  advances  to 
producers,  the  moment  he  lends  money  for  the  purchase  of  imple 
ments,  or  machinery,  or  land,  or  its  improvements,  on  the  security 
of  the  estate  or  its  plant,  that  moment  he  has  invested  his  money 
in  a  fixed,  in  the  place  of  floating  security,  which  is  inconsistent 
with  his  occupation  as  a  merchant,  and  is  calculated  to  be  product 
ive  of  great  danger  in  the  case  of  pressure  in  the  money  market, 
especially  if  he  is  otherwise  availing  himself  much  of  his  own  credit 
in  his  business.  From  a  neglect  of  this  plain  rule  in  commerce, 
there  have  been  greater  losses  sustained  than  from  any  other  cause. 
*  *  *  It  is  not  difficult  to  discover  the  sort  of  irresistible  means 
by  which  houses  become  implicated  in  such  securities,  and  get 
their  capital  inconveniently  locked  up.  First,  a  merchant  advan 
ces  on  the  produce  of  the  planter;  next,  competition  and  the 
urgent  requests  of  the  planter  induce  him  to  advance  on  the  grow 
ing  crop  before  it  is  in.  All  experience  has  proved  that  the  first 
advance  of  this  kind  becomes  a  precursor  of  other  advances  which 
are  necessary  to  secure  the  first;  until,  on  the  arrival  of  a  period 
of  pressure,  the  merchant  finds  that  his  capital,  instead  of  being 
available  as  it  was  when  in  proper  mercantile  securities,  is  locked 
up  in  unavailable  securities  abroad,  and  though  he  may  show  a 
large  balance  of  property  in  his  favor,  he  is  reduced  to  the  painful 
necessity  of  suspending  payment. 

PROBABLE  SALES. — These  can  only  be  arrived  at  by  calculation 
founded  on  data  exclusively  personal.  The  considerations  which 
should  enter  into  this  calculation  are  agreeably  detailed  in  the  fol 
lowing  pertinent  anecdote,  related  by  the  editor  of  the  Dry-Goods 
Reporter :  "A  young  friend  of  ours  called  on  us  the  other  day  in 
high  glee ;  he  was  about  concluding  arrangements  with  two  others 
to  embark  in  the  jobbing  trade,  and  was  quite  sanguine  of  brilliant 
success.  As  we  did  not  express  full  faith  in  his  anticipations,  he 
rather  chided  us  for  our  doubts,  whereupon  we  questioned  him  a 
little  as  to  his  prospects.  At  our  suggestion,  he  took  pen  and  paper 
and  put  down  first  all  his  proposed  expenses.  We  could  see  that 
he  had  not  done  this  before,  as  he  seemed  quite  startled  to  find  that 


ON    BUSINESS.  113 

even  at  the  moderate  estimates  he  had  made,  the  total  expenses  for 
rent,  clerk  hire,  and  living  of  the  several  partners  mounted  to  the 
snug  sum  of  $8,200.  'Now  for  the  amount  of  business/  said  we. 
<  Oh,  as  to  that/  he  replied,  <  we  hope  to  sell  $300,000  per  annum/ 
1  But  what  amount  of  trade  do  all  of  you  at  present  influence  ?'  we 
asked.  '  Make  now  a  careful  estimate  of  the  business  you  can  rely 
upon  with  some  degree  of  certainty/  He  did  so,  and,  to  his  sur 
prise,  it  did  not  quite  reach  $125,000.  '  Now  what  profit  can  you 
average  upon  this?'  After  some  debate,  this  was  set  down  at  7£ 
per  cent.  This  gave  the  sum  of  $9,375.  'Now  what  shall  we  call 
the  losses  ?'  These  were  settled  at  2  J  per  cent,  on  sales,  amounting 
to  $3,125,  leaving  the  net  income  at  $6,250  or  $1950  less  than 
enough  to  pay  his  estimated  expenses.  He  left  us  proposing  to  , 
show  the  estimate  to  his  colleagues.  He  did  so,  and,  after  figuring 
awhile  without  arriving  at  any  more  satisfactory  result,  they  finally 
abandoned  the  undertaking.  We  have  no  hesitation  in  saying  that 
if  all  who  are  about  to  embark  in  trade  would  thus  boldly  look  at 
the  figures  instead  of  closing  their  eyes  and  hoping  for  the  best, 
we  should  hear  of  fewer  failures  among  business  men,  and  there 
would  be  less  complaint  that  '  trade  is  overdone/  ;; 

We  will  presume  that  our  friend  can  make  better  figures,  or  that 
he  has  a  stronger  faith  in  things  not  seen,  and  the  next  step  is  the 
selection  of  a 

STORE. — The  proper  situation  of  a  store  is  a  matter  of  some  im-  - 
portance.  It  should  be  situated  where  the  principal  stores  in  the 
same  line  of  business  are.  It  is  a  great  mistake  to  choose  a  loca 
tion  in  a  city  because  there  are  none  others  of  the  same  trade  in 
the  immediate  neighborhood.  Good  customers  make  their  purcha 
ses  where  the  leading  stores  are,  and,  by  keeping  together,  all  will 
do  better.  Fair  competition  is  the  life  of  trade.  Apparent  oppo 
sition  yet  secret  partnership,  has  frequently  made  fortunes  for 
both.  This  is  pleasantly  illustrated  in  the  following  anecdote  of 
personal  experience  related  by  a  stage-coach  traveller : — 

"  When  I  was  a  young  man,"  said  he,  "  I  set  up  in  the  hat  trade, 
and  took  a  store  in  London,  where  there  was  not  a  hat  store  within 
a  quarter  of  a  mile,  thinking  I  should  do  more  where  there  were 

10* 


114  A    PRACTICAL    TREATISE 

no  others ;  but  I  found  that,  at  the  end  of  the  year,  all  that  I  made 
might  have  been  put  into  the  corner  of  my  small  eye,  and  not  in 
jured  its  sight.  I  sat  down,  one  day,  and,  after  thinking  that  my 
lot  was  a  mighty  hard  one,  told  my  boy  that  I  was  going  out 
awhile,  and  that  he  must  keep  a  sharp  lookout  for  customers.  I 
went  down  town,  and,  looking  around,  found  that  two  or  three  hat 
ters  were  driving  a  very  good  trade  very  near  together,  and  pass 
ing  in  to  one  store,  I  found  its  owner  quite  a  talkative  man.  We 
put  our  heads  together,  and  in  the  course  of  a  week,  the  store  di 
rectly  opposite  his  received  my  stock  in  trade,  and  a  coat  of  blue 
paint  on  the  outside,  while  his  received  a  coat  of  green.  The  first 
day  I  did  nothing  but  stand  at  the  door,  and  look  pouty  at  the 
green  store,  and  my  friend  Blake  stood  on  his  steps  looking  ditto  at 
me.  As  people  came  in,  I  commenced  running  down  the  green 
store,  and  Blake  always  run  the  blue  ;  so  between  us  both  we  built 
up  a  trade  that  was  quite  respectable.  People  having  taken  sides, 
and  new-comers  always  purchasing  of  one  or  the  other,  we  gradu 
ally  grew  rich,  and  at  the  end  of  some  dozen  years,  we  settled  up, 
and  I  found  that  opposition,  or  apparently  so,  had  made  my  for 
tune."  A  -retail  store  should  be  established  on  some  leading  tho 
roughfare.  This  has  been  considered  essential  to  success.  It  has 
also  been  strongly  recommended  to  secure  permanency  in  a  situa 
tion  once  fixed  upon,  by  a  lease.  Steady  improvements  in  a  retail 
business  are  invariably  local,  that  is,  they  follow  the  stand,  and  not 
the  man.  In  a  word,  says  some  one,  if  your  business  depends 
upon  customers,  get  them  and  keep  them  by  staying  where  you 
are.  Do  not  listen  to  the  advice  which  certain  officious  friends  and 
foolish  people  are  continually  in  the  habit  of  offering :  "Don't 
hamper  yourself  with  a  lease/'  say  they,  which  being  interpreted 
into  any  thing  intelligible,  means,  "Don't  secure  the  only  means 
of  security."  A  lease  to  a  trader  is  what  an  anchor  is  to  a  ship, 
the  only  holdfast  to  be  relied  on. 

A  store  should  be  plain,  light,  and  well-ventilated.  It  is  not 
necessary  that  it  be  a  handsome  building ;  it  is  not  necessary  that 
it  be  handsomely  fitted  up.  Fine  fixtures  and  expensive  ornament 
are  out  of  place  in  a  business  house.  It  is  a  useless  expenditure 
of  capital,  and  can  only  be  justified  on  the  plea  of  custom.  In  the 


ON    BUSINESS.  115 

European  cities,  expensive  decoration  is  carried  to  an  unreasonable 
extent.  A  pastry-cook's  shop  in  London,  with  a  stock  worth  one 
hundred  dollars,  will  spend  $1500  in  fixtures.  It  is  a  practice  that 
should  meet  with  no  encouragement  in  this  republican  country. 
It  is  a  device  of  rich  old  traders  to  monopolize  a  business  by  throw 
ing  obstacles  in  the  way  of  men  with  limited  capital;  and  it  is  a 
reprehensible  device.  Marble  palaces,  granite  buildings,  pedi 
ments,  columns,  tiled  floors,  painting,  gilding,  &c.,  have  a  tendency 
to  foster  a  spirit  of  extravagance  in  trade  that  leads  to  ruin.  These 
are  rarely  the  ambitious  Teachings  of  men  who  have  commenced 
life  with  a  solid  capital,  or  made  their  wealth  by  laudable  means. 
"Live  and  let  live/'  is  their  motto.  Charities  and  city  improve 
ments  in  the  way  of  fine  public  buildings,  hotels,  theatres,  museums, 
banks,  parks,  absorb  all  their  means.  Fine  stores  and  fine  churches 
they  justly  consider  as  objectionable,  the  one  keeping  men  out  of 
business,  and  the  other  out  of  heaven. 

Light  is  a  consideration  worthy  of  attention  in  the  selection  of  a 
store.  Customers  look  upon  a  dark  store  with  suspicion  j  they  are 
fearful  they  may  deceive  themselves,  and  frequently  leave  without 
purchasing  for  no  other  reason.  Sunlight  is  also  a  matter  of 
economy,  as  Franklin  has  conclusively  shown,  in  one  of  his  essays, 
that  it  is  cheaper  than  lamp-light,  and  I  presume  gas-light.  It  im 
parts  a  cheerful,  pleasant  appearance  to  the  store,  without  that 
artificial  glare  produced  by  elaborate  ornament,  which  sensible 
people  always  look  upon  as  deceptive,  and,  what  is  of  more  impor 
tance  still,  it  promotes  cheerfulness  of  mind  in  the  employees, 
which  is  an  essential  ingredient  of  politeness.  "Light  is  sweet, 
and  a  pleasant  thing  it  is  for  the  eyes  to  behold  the  sun." 

Light  is  a  desideratum  that  cannot  always  be  obtained  in  cities 
to  a  desirable  degree ;  but,  were  it  insisted  upon  more  than  it  is, 
an^  improvement  would  be  effected.  The  counting  house  should  be 
light.  Abundance  of  lijrht  prevents  mistakes  both  in  money  and 
accounts,  and  saves  the  time  that  would  be  employed  in  the  dis 
covery  of  errors.  The  desk  of  the  bookkeeper  should  be  placed  so 
that  the  window  will  be  on  his  left  hand.  In  a  retail  store,  a 
capacious  double  window  is  very  desirable,  as  it  admits  of  variety 
and  display 


116  A   PRACTICAL    TREATISE 

Another  consideration  of  especial  importance  is  ventilation.  Air 
kills  more  than  the  sword,  is  the  translation  of  a  Latin  proverb. 
Medical  men  have  written  volumes  on  the  advantages  of  a  free  cir 
culation  of  air,  and  the  unwholesomeness  of  confined  apartments 
and  crowded  cities.  In  such  cases,  a  person  afflicted  with  consump 
tion  of  the  lungs  may  communicate  the  complaint  to  others,  as  they 
must  inhale  the  same  atmosphere  he  has  breathed  out.  Ventila 
tion  is  of  importance  to  the  merchant  in  the  construction  of  his 
ships,  his  warehouse,  his  counting-house,  and  his  residence.  It  is 
well  known  that  there  are  many  commodities  which  a  confined  air 
will  effect;  some  change  their  qualities,  others  are  predisposed  by 
it  to  decay,  and  some  are  actually  destroyed.  Here  is  a  field  for 
the  exercise  of  science.  It  is  also  well  known  that  a  free  circula 
tion  of  air  is  necessary  to  decarbonize  the  blood,  to  preserve  the 
health,  and  that  it  will  prevent  the  liability  to  take  cold.  Where 
a  store  or  warehouse  is  so  unfavorably  located  as  not  to  allow  of  a 
natural  ventilation,  it  may  be  remedied  by  an  artificial  circulation. 

The  treatises  of  Reid  or  of  Wyman,  on  this  subject,  deserve  a 
perusal. 

As  much  of  the  time  of  the  merchant  must  necessarily  be  spent 
where  the  air  is  not  in  its  purest  or  freest  state,  the  situation  of  a 
residence  is  a  matter  of  great  importance.  The  driest  situation  in 
a  city  is  preferable  to  others ;  a  situation  whence  the  water  flows, 
and  where  the  atmosphere  is  most  exempt  from  surrounding  con 
tamination.  The  vicinage  of  graveyards,  marshy  grounds,  and 
stagnant  pools  should  be  avoided.  Too  many  trees,  with  dense 
foliage,  around  a  dwelling,  obstruct  the  free  currents  of  air,  and 
cause  moist  and  unhealthy  exhalations.  In  the  country,  the  most 
proper  site  for  building  is  "  in  high  places  and  in  an  excellent  pros 
pect;"  a  dry  sandy  plat,  rather  hilly  and  full  of  "downs/'  is  pre 
ferable  to  the  best  soil.  « 

The  old  physicians  recommended  that  the  front  of  the  house 
should  be  to  the  south,  and  one  especially  approves  "  the  descent 
of  a  hill  south  or  southeast,  with  trees  to  the  north,  so  that  it  be 
well  watered;  a  condition  in  all  sites  which  must  not  be  omitted." 
The  best  sites  for  chamber  windows,  says  another,  in  my  judgment, 
axe  north,  east,  south,  and  which  is  the  worst,  west.  Lemnius  at- 


ON    BUSINESS.  117 

tributes  so  much  to  air,  and  "  rectifying  of  wind  and  windows," 
that  he  holds  it  alone  sufficient  to  make  a  man  sick  or  well ;  to  alter 
body  and  mind.  "  A  clear  air  cheers  up  the  spirits,  exhilarates  the 
mind;  a  thick,  black,  misty,  tempestuous,  contracts,  overthrows. 
Great  heed  is,  therefore,  to  be  taken  how  we  place  our  windows, 
lights,  and  houses ;  how  we  let  in  or  exclude  this  ambient  air.  The 
Egyptians,  to  avoid  immoderate  heat,  make  their  windows  *on  the 
top  of  the  house  like  chimneys,  with  two  tunnels,  to  draw  a  tho 
rough  air.  Many  excellent  means  are  invented  to  correct  nature 
by  art.  If  none  of  these  courses  help,  the  best  way  is  to  make  ar 
tificial  air,  which  howsoever  is  profitable  and  good,  still  to  be  made 
hot  and  moist,  and  to  be  seasoned  with  hot  perfumes,  pleasant 
and  lightsome  as  it  may  be  ;  to  have  roses,  violets,  and  sweet- smell 
ing  flowers  in  their  windows  }  a  vessel  of  warm  water  to  evaporate 
in  the  room,  which  will  make  a  more  delightful  perfume,  if  there 
be  added  orange-flowers,  pills  of  citrons,  rosemary,  cloves,  bays, 
rosewater,  rose-vinegar,  benzoin,  laudanum,  styrax,  and  such  like 
gums,  which  make  a  pleasant  and  acceptable  perfume." 

Having  made  due  provision  for  what  may  be  considered  as  inci 
dental  to  the  building,  it  will  now  become  necessary  to  arrange  the 
goods,  so  as  to  enable  any  given  number  of  clerks  to  discharge  their 
duties  with  the  greatest  efficiency,  and  so  as  best  to  attract  the  pub 
lic  eye.  Little  can  be  said  on  this  subject  that  is  applicable  to  mer 
chandizing  in  general,  as  much  will  depend  on  the  nature  and  ex 
tent  of  business,  and  other  circumstances.  Besides,  it  is  a  matter 
that  has  been  carried  to  a  great  degree  of  perfection.  Some  of  our 
first-class  dry-goods  stores  are  a  model  of  order  and  method  in  this 
respect.  Every  department  in  the  store  is  alphabetically  arranged. 
The  shelves  and  rows  of  goods,  in  each  department,  are  numbered, 
and  upon  a  tag  attached  to  the  goods  are  marked  the  letter  of  the 
department,  the  number  of  the  shelf,  and  row  on  that  shelf  to  which 
such  piece  of  goods  belongs.  The  respective  counters  are  designa 
ted  by  some  imaginary  color,  and  the  yard-stick  and  counter-brush 
belonging  to  that  counter  are  painted  to  correspond.  Each  esta 
blishment  has  a  tool-closet,  with  a  small  workbench  in  it,  and  every 
tool  has  its  place.  All  wrapping-paper,  as  soon  as  it  is  brought 


118  A    PRACTICAL    TREATISE 

into  the  store,  is  taken  into  the  cellar,  where  boys  cut  it  into  sizes 
to  suit  the  parcels  of  the  different  departments,  and  carried  there. 
All  pieces  too  small  for  use  are  put  into  a  sack,  and  reserved  for 
sale.  The  cashier  or  bookkeeper  is  responsible  for  all  worthless 
money  that  he  takes,  and  is  paid  an  extra  sum  for  this  responsi 
bility.  Pages  are  kept  to  carry  the  bills  and  change  from  the 
cashier's  desk  to  the  customer,  so  that  the  salesman  is  not  obliged 
to  leave  the  counter.  The  proprietor's  desk  is  on  an  elevated  plat 
form,  facing  the  front,  that  overlooks  every  section  of  the  retail  de 
partment,  and  from  this  desk  acoustic  tubes  communicate  with  every 
department  in  the  building,  by  which  a  person  in  any  part  of  it, 
from  the  garret  to  the  cellar,  may  communicate  with  the  principal 
without  leaving  his  station.  Every  salesman  has  a  small  book  in 
which  he  enters  his  sales  as  soon  as  made,  on  which  his  salary  is 
calculated  as  a  percentage,  so  that,  at  all  times,  the  proprietor  can 
compare  their  respective  merits  and  efficacy.  These  matters  may 
appear  trifling;  but  it  is  by  attention  to  small  things  that  large 
fortunes  are  made 

Another  subject  of  great  importance  is  the  selection  and  appoint 
ment  of 

CLERKS. — A  man's  powers  are  too  limited  to  carry  on  an  exten 
sive  business  with  his  own  resources  alone,  and  he  is  compelled  to 
call  in  the  assistance  of  others.  His  selection  of  coadjutors  may 
make  or  mar  his  fortune. 

The  chief  qualifications  to  be  sought  for  in  a  clerk,  next  to  ability, 
are  honesty  and  politeness.  To  ascertain  the  existence  of  honesty,  no 
positive  rule  can  be  given.  It  is  proper  "  to  inquire  into  the  parent 
age  of  the  candidate.  For  although  honesty  and  dishonesty  do 
not  run  in  the  blood,  yet  it  is  probable  that  religious  and  virtuous 
parents  have  given  their  children  a  religious  and  virtuous  education; 
and  a  youth  who  has  been  accustomed  to  see  examples  of  excellence 
at  nome,  will  be  most  likely  to  exhibit  those  excellences  in  his  own 
conduct.  A  high  degree  of  moral  principle  is  in  itself  a  necessary 
qualification  in^  a  post  of  trust  and  responsibility,  and  it  is  usually 
associated  with  a  cultivated  and  improved  state  of  the  intellectual 
faculties  If  there  be  in  the  character  not  only  sense  and  sound- 


ON    BUSINESS.  119 

ness,  but  virtue  of  a  high  order,  then,  however  little  appearance 
there  may  be  of  talent,  a  certain  portion  of  wisdom  may  be  relied 
upon  almost  implicitly.  For  the  correspondence  of  wisdom  and 
goodness  are  manifold;  and  that  they  will  accompany  each  other 
may  be  inferred,  not  only  because  men's  wisdom  makes  them  good, 
but  also  because  their  goodness  makes  them  wise.  Although,  there 
fore,  simple  goodness  does  not  imply  every  sort  of  wisdom,  it  un 
erringly  implies  some  essential  conditions  of  wisdom  ;  it  implies  a 
negative  on  folly,  and  an  exercised  judgment,  within  such  limits 
as  nature  shall  have  prescribed  to  the  capacity"* 

Politeness  of  manner,  and  patience,  or  a  serenity  of  temper  which 
nothing  can  disturb,  are  essential  qualifications  of  a  good  clerk.  An 
impertinent,  impudent,  or  ill-tempered  clerk  may  drive  away  more 
custom  than  ten  good  men  can  bring  together.  Serenity  of  temper 
is  a  virtue  of  which  all  men  cannot  boast — and  probably  without 
serious  derogation  of  their  character  or  abilities;  but  it  is  a  funda 
mental  constituent  in  the  character  of  a  clerk  and  a  business  man 
To  command  the  temper  is  one  of  the  first  great  lessons  to  be  learned 
in  practical  life.  Demetrius,  King  of  Macedon,  had  a  petition  of 
fered  him  again  and  again  by  an  old  woman,  and  always  answered 
he  had  no  leisure.  Whereupon  the  woman  said  aloud  in  his  pre 
sence,  "  Why,  then,  give  over  to  be  a  king."  We  may  say  the  same 
to  clerks  :  If  you  can't  be  polite  and  patient,  "  give  over"  clerking. 
Good  health  and  regular  exercise  are  necessary  to  the  maintenance 
•of  a  serene  temper.  A  tendency  to  embonpoint  or  fatness  is  likely 
to  be  associated  with  mildness  of  disposition.  Lean  men  are  not 
always  patient  and  long-suffering.  Caesar  noted  this  when  he  said 

"  I  fear  him  not;  but  were  my  name 
Liable  to  fear,  I  know  no  man  I  would  avoid 
So  soon  as  that  spare  Cassius." 

Lean  men,  however,  have  generally  by  far  the  most  talent,  and 
manifest  the  greatest  perseverance  in  enterprises  that  afford  scope 
for  ability.  A  breadth  between  the  eye-brows  is  said  to  denote 
calmness;  the  opposite,  perseverance.  Impertinence  or  impudence 

*  Taylor's  "  Statesman." 


120  A    PRACTICAL    TREATISE 

in  any  one,  or  to  any  one,  admits  of  no  excuse,  and  should  not  be 
tolerated  for  a  moment.  Some  of  our  public  offices,  transportation 
companies,  £c.,  occasionally  afford  disgusting  examples  of  imperti 
nence,  and  they  do  themselves  great  injustice  in  tolerating  it. 

Clerks  should  be  faithful  to  their  employers,  and  employers 
should  concern  themselves  in  the  welfare  of  their  clerks.  Faith 
fulness  does  not  consist  in  the  mere  doing  of  things  which  we  are 
obliged  to  do ;  but  in  the  performance  of  acts,  and  in  the  exercise 
of  care,  which  we  are  not  olliged  to  do,  and  for  which  we  receive 
no  direct  remuneration.  Many  young  men  seem  to  think  that 
when  they  labor  at  the  employment  regularly  assigned  them,  it  is 
all  that  should  be  expected.  It  is,  probably,  all  that  is  expected; 
but  a  faithful  clerk  will  not,  therefore,  neglect  opportunities,  when 
by  a  little  extra  labor — arranging  a  few  parcels  of  goods,  or  putting 
down  an  item  of  account — he  can  do  his  employer  great  service. 
Some  houses,  I  trust  they  are  few,  make  it  a  practice  to  keep  their 
clerks  on  their  feet  all  the  time,  engaged  at  something,  whether 
there  is  any  thing  of  importance  to  be  done  or  not.  This  is  a  most 
unwise  and  unfeeling  plan.  When  the  body  is  wearied  and  ex 
hausted,  it  is  almost  impossible  to  summon  that  cheerfulness  of 
spirit  which  is  necessary  to  please  and  be  pleased.  Clerks  should 
have  all  the  rest  they  can  get,  without  neglecting  essential  duties. 
Every  store,  in  my  opinion,  should  have  a  select  library  of  practical 
works,  to  which  those  who  choose  can  have  access.  It  is  a  great 
advantage  to  business  men  to  have  educated  and  intelligent  assist 
ants.  We  may  use  the  observation  of  a  bank  manager,  in  advo 
cating  libraries  in  banks  for  the  use  of  clerks :  "  Their  superior 
knowledge  is  always  useful  ]  the  mental  discipline  they  have  ac 
quired  improves  their  business  habits  ]  and,  possessing  within 
•"hemselves  a  constant  source  of  enjoyment,  they  are  the  less  likely 
to  indulge  in  those  expensive  pleasures  which  are  the  usual  tempta 
tions  to  neglect  and  dishonesty/'  A  library  has  since  been  intro 
duced  into  the  Bank  of  England  and  the  principal  London  banks, 
for  the  especial  use  of  the  clerks.  I  think  there  are  stronger  reasons 
for  the  introduction  of  a  select  business  library  into  stores,  than  into 
banks.  Clerks  in  stores  are  usually  less  constantly  occupied  than 
in  banks,  and  are  confined  for  a  longer  period  of  time.  The  time 


ON    BUSINESS.  121 

which  they  can  have  to  themselves  should  be  devoted  to  physical 
exercise  in  the  open  air.  and  hence  without  a  library  they  are  likely 
to  miss  all  opportunity  for  improving  their  minds  by  reading.  Gam 
bols  or  quarrels,  in  hours  of  leisure,  should  be  discouraged. 

Clerking,  at  the  present  day,  is  not  one  of  the  speediest  ways  to 
"  put  money  in  thy  purse/'  Competition  has  not  only  increased 
the  difficulty  of  obtaining  a  situation,  but  has  reduced  the  average 
rate  of  compensation.  It  is  difficult  to  say  whether  it  is  wise  in 
merchants  to  allow  competition  to  influence  the  amount  of  a  clerk's 
salary  or  not.  It  would  seem  more  proper  to  fix  the  amount  of 
the  salary  sufficient  to  insure  contentment  in  the  situation,  and  re 
quire  qualifications  of  zeal  and  efficiency  that  will  be  worth  it. 
Competition  should  merely  enlarge  the  field  for  making  a  proper 
selection.  It  certainly  is  not  wise  to  pay  a  salary  below  a  standard 
of  living  suitable  to  the  sphere  of  society  in  which  they  are  ex 
pected  to  move.  When  clerks  are  chosen  for  the  amount  of  trade 
they  can  influence,  it  is  sometimes  the  practice  to  pay  them  only  a 
commission  on  sales.  This  arrangement  rarely  lasts  long,  or  ends 
satisfactorily.  The  interests  of  the  clerk  and  the  employer  are,  in 
a  manner  antagonistical.  It  is  the  interest  of  the  one  to  sell  to 
every  body,  and  of  the  other  only  to  good  men,  and  where  the  lat 
ter  refuses  to  ratify  a  sale  which  he  may  think  doubtful,  the  clerk 
is  apt  to  consider  himself  defrauded.  A  certain  fixed  salary,  with 
a  percentage  on  sales  above  a  certain  amount,  is  generally  more 
satisfactory.  Mr.  Taylor,  in  his  "  Statesman/'  makes  some  re 
marks  in  relation  to  the  appointment  of  clerks  in  public  offices 
which  we  may  apply  to  mercantile  life.  "  There  is  no  position  so 
strong  as  that  of  a  man  who  stands  upon  his  head:  and  if  he  be 
not  induced  to  the  activity  of  just  thinking  and  clear  reasoning,  he 
will  hardly  be  coerced  to  it.  Upon  the  whole,  therefore,  I  would 
say  that  what  is  most  conducive  to  good  appointments  in  the  first 
instance,  and  thenceforward  to  deriving  benefit  from  them,  is  to 
offer  small  remuneration  to  the  beginner,  with  successive  expectan 
cies  proportioned  to  the  merits  which  he  shall  manifest,  and  of  such 
increasing  amount  as  shall  be  calculated  to  keep  easy,  through  the 
progressive  wants  of  single  and  married  life,  the  mind  of  a  pru 
dent  man." 

11 


122  A    PRACTICAL    TREATISE 

Clerks  should  always  share  in  the  prosperity  of  a  house,  as  they 
must  consent  to  share  in  its  ill  fortune.  Gratuities  quicken  zeal, 
strengthen  fidelity,  and  kindle  a  friendship  "  which  neither  heat 
nor  cold,  nor  misery,  nor  place,  nor  destiny,  can  alter  or  diminish. " 
Gratuities,  kind  words,  and  a  manifestation  of  interest  in  his  wel 
fare,  go  further  towards  making  a  good  clerk  than  a  thousand  busi 
ness  precepts.  They  give  "  a  shock  of  pleasure  to  the  frame  more 
exquisite  than  Nectarine  juice."  Harsh  words — a  display  of  pas 
sion — towards  those  who,  by  the  nature  of  their  situation  can  make 
no  defence,  are  not  only  galling  to  a  sensitive  mind,  but  often  lead 
to  future  evils  which  no  opposite  influences  can  counteract. 

An  old  and  faithful  clerk  is  a  tried  friend.  He  should  never  be 
forgotten.  I  envy  not  the  man  who,  while  accumulating  his  thou 
sands,  increasing  in  prosperity,  forgets  those  who  have  borne  the 
heat  of  the  battle  with  him  :  I  despise  the  man  who,  when  he  re 
tires  perhaps  to  a  country  seat  to  enjoy  his  ease  and  luxuries,  cares 
not  that  those  who  have  contributed  to  his  prosperity  must  seek 
some  meaner  court  or  alley  to  reduce  the  expenses  of  an  increasing 
family.  His  riches  come  not  by  right,  and  his  end  will  be  that  of 
a  fool.  The  munificent  charities  of  Girard  are  merely  the  Egyp 
tian  spices  that  embalm  the  fame  of  a  loathsome  carcase,  for  he 
forgot  the  charities  due  to  long  service,  and  buried  the  heart  of  the 
man  in  the  money-bags  of  the  merchant. 

Masters,  give  unto  your  servants  that  which  is  just  and  equal; 
knowing  that  ye  also  have  a  Master  in  heaven. — Col.  iv.  1. 


ON    BUSINESS.  123 


CHAPTER   VII. 
GETTING  MONEY  BY  MERCHANDIZING— CONTINUED 

BUYING  AND  SELLING. — [We  hoped  to  consider  this  part  of  our 
subject  with  comfortable  feelings,  but  the  following  picture,  drawn 
by  the  editor  of  the  Dry-Goods  Reporter,  has  given  us  a  "  chill."] 

"  The  manufacturer  will  over-estimate  his  goods,  that  his  agent 
may  get  a  good  price  for  them.  The  commission  merchant  will 
misrepresent  his  stock,  or  profess  to  have  made  a  cash  advance, 
when  he  is  all  the  while  chuckling  over  the  sale.  He  will  go  out 
with  a  sample  card  of  the  last  case  to  close  an  invoice,  when  he  has 
a  few  more  of  the  same  sort  left.  He  will  assert,  probably,  that  he 
has  just  sold  to  A,  B,  &  C  large  bills  of  the  same  kinds  of  goods,  at 
much  higher  prices  than  he  is  now  asking  (all  of  which  is  imagi 
nary  or  grossly  exaggerated),  or  that  the  house  addressed  (upon 
which  he  assumes  a  very  deferential  air)  is  the  only  house  to  which 
he  would  offer  the  article  in  question  at  so  low  a  rate.  The  im 
porter  will  look  you  full  in  the  face,  and  assure  you  that  his  goods 
cost  him  more  than  he  is  asking  you;  when,  for  more,  you  should, 
in  truth,  read  less;  or,  if  he  have  hold  of  a  very  green  'un,  will 
pass  off  stale  goods,  which  have  kept  shop  most  pertinaciously  for 
years,  as  new  styles  just  brought  out.  The  jobber  will  go  from 
house  to  house,  when  he  is  purchasing,  cheapening  goods ;  telling 
A  that  B  is  underselling  him,  inflicting  the  same  tale  on  B,  with  a 
positive  assurance  that  A  has  offered  him  the  same  goods  at  less 
price  than  B  is  now  asking,  and  threatening  C  &  D;  alternately,  to 
cease  buying  from  them,  unless  each  will  do  as  well  by  him  as  he 
boasts  he  can  obtain  of  the  other.  Sometimes,  if  he  has  bought  a 
case  or  bale  of  goods  a  little  too  high,  or  when  he  has  them  at  home, 
his  clerks  (all  of  whom  are  called  to  give  an  opinion  upon  it)  think 
he  has  paid  too  much;  he  will  send  the  bill  back,  asking  a  deduc- 


124  A    PRACTICAL   TREATISE 

tion,  saying  he  has  seen  the  goods  elsewhere  at  less  prices,  when 
the  fact  is,  he  has  not  seen  them  in  any  other  store,  and  does  not 
know  where  else  to  look  for  them.  The  retailer  goes  about  to 
buy  in  the  same  way,  repeating  many  imaginary  offers  of  goods 
which  have  been  made  to  him  at  extra  low  prices,  and  which  it  is  a 
wonder  he  did  not  buy,  so  much  does  the  price  seem  under  the 
market.  And  yet,  when  he  comes  to  sell  out  those  very  goods, 
how  oblivious  is  he  of  the  exceeding  liberal  terms  at  which  he  could 
have  purchased  them  !  How  valuable  they  have  become  !  How 
cheap  do  the  goods  look  to  him  now  that  he  pronounced  so  very 
dear  when  he  purchased  them  !  What  romances  will  he  tell  about 
the  cost,  the  colors,  or  the  quality  when  displaying  them  to  a  cus 
tomer  ! 

"  Is  that  the  lowest  you  can  take  for  these  lawns,  Mr.  Scissors  ?" 
"  Yes,  Miss,  the  very  best,  and  a  bargain  they  are ;  I  bought 
them  at  auction,  where  they  were  closed  out  at  a  great  sacrifice, 
and  I  offer  them  to  you  precisely  at  cost." 

"But  I  saw  the  same  goods  at  Shears  &  Co.'s  at  five  cents  a* 
yard  less." 

"Not  the  same  goods  at  all,  ma'am;  theirs  are  steam  colors; 
quite  an  imitation  article,  and  not  near  so  wide  as  this." 

"  The  lady,  being  timid  as  to  colors,  is  at  last  persuaded  to  pay 
the  price,  and  the  shopkeeper  pockets  his  fifteen  per  cent,  profit 
with  as  much  complacency  as  if  he  had  only  drawn  out  his  purse 
to  give  a  dollar  in  charity." 

If  this  be  an  accurate  sketch  of  buying  and  selling,  then  Ecclesi- 
asticus  is  right :  Sin  does  stick  between  the  buyer  and  the  seller  as 
a  nail  between  the  joinings  of  stones.  If  this  be  true,  the  man 
who  puts  upon  his  sign,  "  Fair  dealing  done  here,  and  no  lies  told/' 
will  make  his  fortune  in  a  year;  for  every  body  must  be  disgusted 
with  it  by  this  time.  Admitting  its  truth  for  a  moment,  what  are 
the  consequences  ?  Has  not  a  lie  been  told  without  advantage  ? 
Have  not  men  bartered  their  manhood  for  naught  ?  Has  either 
party  reaped  any  advantage  that  he  would  not  have  obtained  by 
adhering  to  straightforward  truth  ?  It  must  be  so,  or  we  severely 
reflect  on  men's  intelligence,  and  argue  that  they  can  be  induced 
10  buy  what  they  do  not  want,  by  any  silly  tale  that  a  weak  brain 


ON    BUSINESS.  125 

can  invent.  The  consequences  are,  then,  that  these  men  have 
needlessly  added  their  influence  to  diminish  the  little  confidence 
there  is  between  man  and  man.  They  have  probably  sown  the 
first  seeds  of  deception  and  dishonesty,  which  may  grow  up  to  bo 
rank  weeds,  and  poison  themselves,  in  the  minds  of  younger 
men,  who  are  looking  to  them  as  examples  of  business  tact,  and 
they  have  given  additional  cause  for  the  contempt  with  which  men 
whose  occupations  are  less  useful  and  noble,  but  whose  standard  of 
honor  is  higher,  regard  their  profession. 

Is  lying  necessary  in  buying  and  selling  ?  This  question  needs 
but  a  short  answer;  if  it  is,  then  buying  and  selling  are  sinful, 
which  is  absurd.  Many  of  the  assertions  in  bargaining  are  mere 
badinage ;  they  are  substitutes  for  want  of  something  better  to  say, 
and  are  generally  an  indication  of  poverty  of  wit.  Many  of  the 
falsehoods  in  trade  are  about  irrelevant  matters,  not  pertinent  to 
the  bargain.  Cost  is  a  matter  never  pertinent  to  a  sale.  It  is  not 
to  be  presumed  that  a  man  who  is  in  his  right  mind  is  selling  at 
cost,  and  what  he  paid  for  his  goods  is  an  interesting  inquiry  of  no 
practical  importance.  The  reasons  which  make  a  man  anxious  to 
sell  are  sometimes,  but  rarely,  necessary  to  be  mentioned.  Lying 
seems  to  be  a  natural  defect  in  some  men,  and  must  be  viewed  in 
the  same  light  as  the  well-known  natural  propensity  for  stealing. 
In  others  it  is  a  confirmed  habit ;  they  have  lied  so  long  and  so 
often  that  it  has  become  a  second  nature  to  them.  Loquacious 
men  cannot  always  command  the  time  necessary  to  stop  and  re 
collect  the  truth.  But  in  no  instance  is  the  ability  to  lie  a  quali 
fication  of  a  good  buyer  or  an  expert  salesman. 

The  chief  qualification  of  a  good  buyer  is,  a  judgment  of  goods; 
of  a  salesman,  a  judgment  of  men.  Both  should  have  a  special 
acquaintance  with  the  laws  governing  sales  and  contracts. 

A  good  buyer  is  a  man  of  few  words.  He  posts  himself  as  to 
the  market — goes  to  the  houses  at  which  he  usually  deals,  and 
which  he  first  selected  on  account  of  their  reputable  character — 
asks  their  price — makes  his  offer  as  near  the  market  value  as  he 
can,  without  comment  on  the  prices  of  others;  if  accepted,  the 
bargain  is  closed;  if  declined,  he  "don't  want  it,"  or  will  look 
further. 

11* 


126  A    PRACTICAL    TREATISE 

Much  comment  on  the  part  of  the  seller  he  regards  as  an  incen 
tive  to  be  wary,  and  all  pretences  to  confidential  favors,  unless 
proved  to  be  such  by  undoubted  documentary  evidence,  as  a 
reproach  upon  his  understanding.  When  the  matter  is  in  any 
wise  doubtful,  he  demands  a  warrantee  or  a  guarantee,  as  the  case 
may  require,  knowing  that  no  reasonable  man  can  object  to  his 
securing  himself  against  contingencies. 

An  expert  salesman  has  a  thorough  knowledge  of  human  nature, 
courteous  manners,  and  a  ready  tact  in  adapting  himself  to  the 
various  humors  of  the  buyers.  He  has  perfect  command  of  his 
business,  and  having  purchased  with  care  he  has  no  hesitation  in 
fairly  recommending  his  goods,  or  warranting  them  when  requested 
to  do  so.  His  great  object  or  aim  is,  to  acquire  the  confidence  of 
the  public.  To  this  end,  every  thing  must  bend  and  tend.  Truth 
fulness  is  a  trump  card  in  his  hands  for  this  purpose,  and  he  avoids 
all  doubtful  or  suspicious  assertions  of  favor  or  sacrifice,  even  if 
true,  unless  he  has  the  documents  at  hand  to  prove  their  truth. 
He  rarely  mentions  the  cost  of  his  goods,  knowing  well  that  his 
customers  do  not  expect  him  to  sell  without  a  profit,  or  fearing 
they  would  disbelieve  him,  which  would  destroy  confidence.  He 
has  a  quick  appreciation  of  the  wants  of  his  customers,  and  does 
not  comment  with  equal  praise  on  all  kinds  or  styles  of  goods  to  all 
persons ;  but  catches  at  the  fancy  of  the  buyer,  and  presses  deli 
cately  upon  that ;  or,  if  it  is  an  injudicious  choice,  he  points  out  its 
defect,  and  produces  a  more  suitable  article,  and  thus  inspires  con 
fidence.  He  does  not  treat  his  lady  customers  with  an  impertinent 
familiarity,  nor  does  he  worry  any  one  who  is  not  disposed  to  buy 
at  the  time  with  over-ardent  solicitations;  but  he  tries  to  leave 
upon  their  minds  such  an  agreeable  and  favorable  impression  that 
they  will  be  sure  to  call  again.* 

*  A  lady  friend  of  ours,  who  is  au  fait  in  matters  of  shopping,  seems  to 
intimate,  in  a  private  letter,  that  all  who  profess  to  be  salesmen  are  not 
masters  of  their  business.  We  publish  an  extract,  "for  account  of  whom 
it  may  concern." 

"  Some  stores  in Street  are  noted  and  avoided,  for  the  impertinently 

familiar  manner  which  the  clerks  think  proper  to  adopt  towards  their  lady 
customers.  When  a  lady  goes  into  the  store  in  search  of  some  article  that 


ON    BUSINESS.  127 

There  are  certain  fundamental  maxims  ever  present  in  his  mind, 
and  his  creed  runs  in  a  manner  after  this  fashion  : — 

I  believe  that  the  life  of  business  is  profit  ]  and,  as  a  general 
rule,  I  will  not  make  sales  without  profit.  "  To  sell  low  for  cash, 
never  mind  profits,"  is  not  my  maxim. 

I  will  sell  to  a  punctual  man  at  less  profit  than  to  an  unpunctual 
one  '}  and  on  a  short  credit,  lower  than  on  a  long  one. 

I  will  use  every  precaution  with  a  stranger  that  I  would  wish 
to  have  done,  should  he  turn  out  to  be  a  villain,  and  yet  treat 
every  man  as  an  honest  man  until  he  proves  him  to  be  otherwise. 

Discretion  in  speech  is  more  than  eloquence. 

"  There  is  commonly  less  money,  less  wisdom,  and  less  good 
faith,  than  men  do  account  upon/'  is  an  Italian  proverb,  and  I  be 
lieve  a  true  one. 

It  is  not  all  that  can  be  sold  to  a  customer  that  is  well  sold,  but 
only  what  he  can  conveniently  pay  for.  A  past  due-bill  is  a  detest- 

she  is  in  want  of,  as  soon  as  the  gentleman  sees  her,  he  comes  forward, 
makes  a  grimace,  pulls  up  his  shirt  collar,  runs  his  fingers  through  his  hair, 
and  assumes  an  air  of  easy  familiarity  that  is  quite  refreshing  to  look  upon. 
It  is  true  he  may  not  have  much  sense,  but  then  he  has  a  wealth  of  smiles  ; 
indeed,  to  listen  to  his  conversation  with  his  victimized  customer,  a  bystander 
might  come  to  the  conclusion  that  he  was  proprietor  of  the  establishment, 
and  the  lady  had  made  the  article  in  question  a"  mere  excuse  for  a  morning 
call ;  this  is  annoying,  but  in  this  case  one  can  leave  the  article,  and  walk 
out ;  but  there  is  one  retail  store  in  this  city  that  is  a  perfect  trap — once  in, 
it  is  impossible  to  get  out ;  if  the  article  does  not  suit  you,  you  are  worried 
and  talked  at ;  if  you  attempt  to  move  towards  the  door,  you  are  run  after 
and  brought  back ;  if  you  tax  your  genius  to  give  a  most  unmistakably 
minute  description  of  what  you  do  want,  the  reply  is,  '  Oh,  yes,  madam,  in 
the  back  store  ;  if  you  will  walk  back,  we  have  exactly  the  article  you  de 
scribe.'  And  so  they  get  you  further  in  ;  after  looking  about  on  the  shelves, 
they  profess  to  have  found  the  object  of  their  search,  and  down  comes  the 
very  opposite  of  any  thing  you  ever  wished  to  possess.  After  making  half  a 
dozen  fruitless  attempts  to  reach  the  street  door,  and  being  each  time  per- 
severingly  caught  and  brought  back,  you  give  it  up,  and  become  submissive 
and  willing  to  buy  any  thing  they  wish  you  to,  making  at  the  same  time  a 
firm  resolve — as  you  see  your  money  going  for  things  you  don't  know  what 
to  do  with — that  if  you  live  to  be  as  old  as  Methuselah,  you  will  never 
enter  that  store  again." 


128  A    PRACTICAL    TREATISE 

able  object,  and  goods  not  paid  for  are  not  sold,  but  thanklessly 
given  away. 

I  believe  that  rich  dress,  decisive  tones,  and  confident  airs  are 
frequently  assumed  for  sinister  purposes  j  and  I  will  always  regard 
those  who  make  a  practice  of  talking  about  religion  .and  duty  on  all 
occasions,  in  an  affected  and  forced  manner,  with  a  degree  of  suspi 
cion. 

A  sudden,  bold,  and  unexpected  question  is  a  point  of  cunning 
in  some  men  to  entrap  an  unwary  answer ;  while  others  seek  to 
draw  the  attention  from  the  main  point  of  the  negotiation  by  amus 
ing  tales  and  entertaining  stories,  as  a  counsellor  and  secretary  did, 
"  that  never  came  to  Queen  Elizabeth  of  England  with  bills  to 
sign,  but  that  he  would  always  first  put  her  into  some  discourse  of 
estate  that  she  might  the  less  mind  the  bills." 

Another  article  of  his  creed  is  to  treat  all  men  with  courtesy ; 
to  give  cause  of  offence  to  no  man,  knowing  that  there  is  none  so 
mean  that  cannot  do  a  tradesman  an  injury.  "  The  least  fly  hath  a 
spleen,  and  a  little  bee  a  sting.  An  ass  overwhelmed  a  thistle- 
warp's  nest :  the  little  bird  pecked  his  galled  back  in  revenge  ;  and 
the  humble  bee,  in  the  fable,  flung  down  the  eagle's  eggs  out  of 
Jupiter's  lap.  Bracides,  in  Plutarch,  put  his  hand  in  a  mouse's 
nest  and  hurt  her  young  ones  ;  she  bit  him  by  the  finger.  ( I  see 
now'  saith  he,  '  there  is  no  creature  so  contemptible  that  will  not 
be  revenged/  7Tis  lex  talionis,  and  the  nature  of  all  things  so  to 
do.  If  thou  wilt  live  quietly  thyself,  do  no  wrong  to  others." 
-  In  fine,  he  is  a  philosopher  and  a  great  man. 

In  buying  and  selling,  it  is  customary  to  make  discounts  on  mer 
chandise,  and  it  is  necessary  to  have  a  clear  understanding  of  their 
effect.  There  is  an  essential  difference  between  addition  and  sub 
traction,  which,  in  this  instance,  is  not  always  perceived.  Thus, 
20  per  cent,  added  to  $100  will  make  a  $120;  but  20  per  cent. 
taken  off  $120  will  not  leave  $100.  If  A  buys  $100  worth  of 
goods  for  $80,  and  B.  buys  them  for  $70,  how  much  per  cent, 
cheaper  does  B  buy  them  than  A?  12J  per  cent.  We  know  an 
instance,  says  the  London  Economist,  of  a  very  deserving  man 
being  ruined  by  a  miscalculation  of  discounts.  The  article  manu 
factured  he  at  first  supplied  to  retail  dealers  at  a  large  profit  of 


OX   BUSINESS.  129 

about  30  per  cent.  He  afterwards  confined  his  trade  almost  ex 
clusively  to  large  wholesale  house?,  to  whom  he  charged  the  same 
price,  but  under  a  deduction  of  20  per  cent.,  believing  that  he  was 
still  realizing  10  per  cent,  for  his  own  profit.  His  trade  was  very 
extensive ;  and  it  was  not  till  after  some  years  that  he  discovered 
the  fact  that,  in  place  of  making  ten  per  cent.,  as  he  imagined,  by 
this  mode  of  making  sales,  he  was  only  realizing  4  per  cent.  To 
£100  of  goods  he  added  30  per  cent.,  and  invoiced  them  at  £130. 
zVt  the  end  of  each  mouth,  in  the  settlement  of  accounts,  amounting 
to  some  thousands  of  pounds,  with  individual  houses,  he  deducted 
20  per  cent.,  or  £26  on  each  £130,  leaving  £104  net  for  every 
£100  value  of  goods  at  prime  cost,  in  place  of  £110,  as  he  all 
along  expected.  It  is  by  far  the  simplest  and  best  plan  to  conduct 
transactions  at  net  prices,  or  subject  only  to  such  moderate  dis 
count  as  may  fairly  apply  to  an  early  in  place  of  distant  payment. 

Another  matter  of  the  first  importance  in  merchandising  is  the 
length  of  credit  that  is  given.  It  will  astonish  any  one  who  has 
never  examined  the  subject,  how  small  profits  on  short  credits  will 
accumulate,  in  comparison  with  large  profits  on  long  credits.  One 
thousand  dollars  turned  over  every  four  months,  at  10  per  cent,  pro 
fit,  will  amount,  in  six  years,  to  8 5, 5 59  y9^.  The  same  sum  turned 
over  every  six  months,  at  the  same  profit,  will  amount,  in  six  years, 
to  $4109  89 

Do.  every  12  months,  at  10  per  cent.,  in  6  yrs.,  1771  56 
"         18  "  "  "  "         1464  10 

"  2  years,  "  "  "         1331  00 

One  thousand  dollars,  turned  over  every  2  years,  at 

20  per  cent,  profit,  will  in  6  years  amount  to         1728  00 

Do.  every  18  months,         "  "  "         207360 

1        12  "  "  "  "         2985  98 

1          6  it-        «          u  it         ggig  10 

"          4  "  "  "  "       26623  33 

Thus  a  man  may  make  a  profit  of  only  $728,  or  a  profit  of  over 
$25,000  from  the  same  capital,  in  the  same  time,  and  by  selling  at 
the  same  percentage  of  profit,  with  merely  a  difference  in  the  length 
of  credit  which  he  gives.  This  is  a  subject  that  needs  no  argu- 


130  A   PRACTICAL   TREATISE 

ment,  as  every  one  can  satisfy  himself  as  to  his  own  interest  by 
his  own  calculations. 

A  merchant  must  obtain  information  of  the  means  and  standing 
of  those  who  desire  credit.  This  is  no  easy  task,  and  many  men 
seem  to  have  given  it  up  in  despair.  Some,  having  no  faith  in 
human  testimony,  will  sell  to  no  one  on  credit,  whom  they  have 
not  known  from  long  personal  acquaintance ;  while  others,  with 
the  same  belief,  take  the  opposite  course,  and  sell  to  every  one  who 
wishes  to  buy,  trusting  to  Providence  for  a  safe  deliverance  from 
all  their  fears.  One  source  of  information  is  from  houses  from 
whom  the  parties  applying  formerly  purchased.  This  information 
may  be  defective,  as  it  has  been  known  that  men  have  recom 
mended  a  bad  customer  to  credit,  in  order  that  he  might  obtain 
from  others  the  means  to  pay  themselves.  Other  sources  of  in 
formation  are  from  parties  in  the  same  trade,  and  from  customers 
in  the  same  place.  Another  source  is  the  Mercantile  Agency. — 
Its  professed  object  is  to  collect  reliable  information  in  relation  to 
the  home  standing  and  character  of  men  engaged  in  business 
throughout  the  country,  and  embody  it  in  records  for  the  conveni 
ence  of  those  who  choose  to  pay  for  access  to  it.  If  the  system 
could  be  made  infallible,  or  in  other  words,  if  their  correspondents 
were  omniscient  men,  above  all  favor  or  prejudice,  I  should  regard 
it  with  unquestionable  favor.  But  this  unfortunately  cannot  be. 
Their  reports  are  not  infallible,  as  satisfactory  evidence  has 
repeatedly  demonstrated.  Hence,  what  man  whose  credit  is  his 
bread,  does  not  feel  anxious  to  know  whether  he  has  been  misrep 
resented  or  not  ?  Hence  too,  the  foundation  of  the  generally  just 
prejudices  against  these  agencies.  As  an  additional  means  of 
information  either  for  confirming  previous  reports  or  for  suggest 
ing  further  inquiry,  it  is  no  doubt  worth  to  subscribers  more  than 
the  amount  of  the  subscription  money;  but  an  imperious  sense  of 
duty  impels  me  to  say  that  all  who  believe  in  the  golden  rule 
should  watch  it  with  the  most  jealous  scrutiny.  It  is  a  system 
that  is  fraught  with  danger.  In  its  infancy  it  may  be  harmless 
and  comparatively  accurate ;  but,  should  it  grow  to  maturity,  and 
be  generally  relied  upon,  the  credit  of  the  mercantile  community, 
which  is  its  life  and  soul,  would  be  in  the  hands  of  a  few  men, 


ON   BUSINESS.  131 

self-constituted  umpires,  and  their  unknown  and  irresponsible 
agents,  subject  to  the  errors  of  ignorance  and  mistakes  of  careless 
ness,  with  no  guaranteed  exemption  from  the  influence  of  private 
malice,  favoritism,  bribery,  or  corruption. 

The  main  source  of  information  is  to  see  the  man  and  hear 
his  statements.  This,  like  other  means  of  information,  will  some 
times  fail,  but  generally  the  appearance  and  manners  of  a  man  will 
show  his  character.  A  man  who  is  not  worth  a  dollar  is  frequently 
more  worthy  of  credit  than  another  who  has  the  nominal  posses 
sion  of  thousands.  Losses  almost  always  occur  in  trusting  to  pro 
perty  and  reports,  and  not  to  men.  "  If  you  have  a  doubt  whether 
a  customer  be  tricky  or  honest,  speculative  or  prudent/7  says  an 
old  banker  to  his  fellow-craftsmen,  "  be  guided  by  the  first  impres 
sion — we  mean  the  impression  produced  by  the  first  interview.  In 
nine  cases  out  of  ten  the  first  impression  will  be  found  to  be  correct. 
It  is  not  necessary  to  study  physiognomy  or  phrenology  to  be  able 
to  judge  of  the  character  of  men  with  whom  we  converse  on  mat 
ters  of  business."  It  is  a  good  plan  to  expect  that  strangers  de 
siring  credit  should  be  introduced  by  some  person  to  whom  they 
are  personally  known,  and  the  character  of  the  introducer  for  pru 
dence  and  good  management  should  not  be  overlooked  in  judging 
of  his  friend.  Where  the  reference  is  good,  and  the  impression  on 
the  first  interview  favorable,  it  would  be  an  excellent  custom  to 
have  what  might  be  called  a  Representation  or  Information  book, 
in  which  the  party  should  be  requested  to  make  a  statement  of  his 
business  and  affairs,  and  this  statement  would,  in  my  opinion,  be 
more  accurate,  in  the  majority  of  cases,  than  the  report  of  any  one 
else.  Were  it  made  a  general  rule,  it  would  be  done  as  a  matter 
of  course,  and  few  who  are  trustworthy  would  object,  though  some 
would  no  doubt  be  disposed  to  "  skulk"  a  statement  of  their  per 
sonal  expenditures.  We  believe  that  it  would  materially  improve 
the  credit  system  to  repeal  the  law  for  the  collection  of  debts,  and 
increase  the  penalties  for  false  representation.  It  has  been  said 
that  if  a  man  cheats  you  once  it  is  his  fault,  but  if  he  cheats  you 
twice  it  is  your  fault.* 

*  "  An  individual,  possessed  of  a  moderate  amount  of  money,  commences 


132  A    PRACTICAL    TREATISE 

We  have  remarked  in  this  chapter  that  both  buyer  and  seller 
should  understand  the  laiu  of  sales  and  contracts,  and  we  have  re 
commended,  in  a  former  part  of  this  work,  that  every  one  who  ex 
pects  to  enter  upon  an  extensive  business  should  spend  some  time 
at  a  law  school  in  the  study  of  Mercantile  Law.  This  is  necessary 
in  order  primarily  to  escape  litigation,  and  secondly,  to  have  the 
law  on  your  side  when  dealing  with  litigious  scoundrels,  of  whom, 
unfortunately,  the  supply  is  greater  than  the  demand.  Experience 
has  conclusively  convinced  me  that  it  would  be  positive  economy 
for  every  man  whose  contracts  are  at  all  complicated,  in  fact,  whose 
business  is  not  of  the  simplest  kind,  to  choose  at  the  outset  of  his 
career  an  able  attorney,  with  whom  to  consult  and  advise  before 
concluding  any  important  undertaking.  The  younger  members  of 
the  profession  are  not  to  be  overlooked  in  this  choice,  for  though 
they  have  of  course  less  experience  than  others,  they  are  more  la 
borious  in  research,  and  careful  to  advise  on  the  safe  side.  There 
are  many  able  attorneys,  I  have  no  doubt,  who  would  be  willing  to 
hold  harmless  of  litigation  all  who  follow  their  advice,  for  a  very 

• 

business  in  some  thriving  town.  He  comes  to  one  of  our  wholesale  mar 
kets,  and  with  one  or  two  commendatory  letters,  but  particularly  with  his 
money,  he  soon  becomes  acquainted  ;  at  first  but  limited  ;  but  he  has  ouly 
to  manage  his  trumps  (his  money)  with  a  little  tact,  and  his  acquaintance 
will  very  soon  extend.  At  first  he  purchases  cautiously,  and  meets  his 
obligations  promptly,  always  managing  to  have  his  goods  carefully  packed 
and  marked  scientifically,  and  placed  on  the  street  several  days  before  he 
removes  them, 

'  Like  books  and  money 
Laid  in  show 
As  nest-eggs 
To  make  clients  lay.' 

And  he  succeeds.  He  soon  becomes  known  as  a  man  of  promptness  and 
capital,  and  doing  a  dashing  business :  and  such  a  business  he  does  do ;  for 
the  motto  at  home  is  sell  low  for  cash,  never  mind  profits.  His  acquaint 
ance  is  courted ;  he  is  bedrammed,  bedinnered,  and  besuppered.  Every 
thing  goes  on  swimmingly,  and  finally  he  buys  largely,  goes  in  deeply, 
makes  one  grand  manoeuvre — a  most  prodigious  swell,  and  then  judiciously 
and  profitably  explodes." — Gin.  Price  Current. 

These  are  the  "  suckers"  our  boring  friends  sometimes  catch. 


ON    BUSINESS.  133 

moderate  annual  sum,  and  it  would  be  essentially  wise  to  employ 
them.  They  are  generally  men  who  can  see  as  far  through  a  mill 
stone  as  the  miller  himself,  and  a  conversation  with  them  will 
frequently  remove  the  film  by  which  anxious  cupidity  sometimes 
obscures  the  sight.  To  save  men  from  lawsuits  is  the  noblest 
office  of  their  profession. 

CONTRACTS  OF  SALE  may  be  in  writing  or  not,  and  are  of  two 
kinds,  express  or  implied.  The  essential  legal  requisites  of  a  com 
plete  and  valid  contract,  as  laid  down  by  the  jurists  are,  a  person 
able  to  contract — a  person  willing  to  contract — a  thing  to  be  con 
tracted  for — a  good  and  sufficient  consideration — clear  and  explicit 
words  to  express  the  contract  or  agreement — and  the  consent  of 
both  the  parties  contracting.  Equity  will  sometimes  interpose 
when  some  of  these  requisites  are  wanting,  but  they  should  be 
borne  in  mind  by  all. 

Infants,  married  women,  'idiots,  and  lunatics  from  the  time  of 
the  finding  of  the  inquisition,  are  not  as  a  general  rule  able  to  con 
tract.  A  person  who  signs  an  obligation  while  in  a  state  of  gross 
intoxication,  may  annul  it.  A  sale  by  a  person  who  has  no  right 
to  sell  is  not  valid  against  the  claim  of  the  rightful  owner,  and  a 
sale  of  stolen  goods  is  in  no  case  valid.  The  proper  owner  may 
take  them  wherever  he  finds  them,  even  when  the  party  holding 
them  has  paid  the  full  value  for  them ;  but,  in  the  exercise  of  this 
right,  he  must  avoid  committing  a  breach  of  the  peace. 

The  thing  sold  must  have  an  actual  or  potential  existence,  and 
be  capable  of  delivery,  otherwise  it  is  not  a  contract  of  sale,  but  a 
special  or  executory  agreement.  If  A  sells  B  a  horse,  or  a  house 
and  lot,  and  it  turns  out  that  the  horse  was  dead  at  the  time,  or 
the  house  burned  down,  though  the  fact  was  unknown  to  both 
parties,  the  contract  is  void. 

Consideration  is  necessary  to  the  validity  of  all  contracts  not 
under  seal,  and  the  only  exceptions  are  bills  of  exchange  and  nego 
tiable  notes,  after  they  have  been  exchanged  and  have  passed  into  the 
hands  of  an  innocent  indorsee  in  the  usual  course  of  trade  before  ma 
turity.  The  immediate  parties  to  a  bill  or  note," and  the  indorsee  of  a 
bill  over-due,  equally  with  parties  to  other  contracts,  are  affected 
by  want  of  consideration.  A  valuable  consideration  is  one  that  is 

12 


134  A    PRACTICAL    TREATISE 

either  beneficial  to  the  party  promising,  or  to  a  stranger,  or  some 
trouble  or  prejudice  to  the  party  to  whom  the  promise  is  made. 

Mutual  consent  is  a  requisite.  Where  the  negotiation  is  con 
ducted  by  letter,  the  contract  is  complete  when  the  answer  contain 
ing  the  acceptance  is  dispatched  by  mail  or  otherwise,  provided  it 
be  done  with  due  diligence  after  the  proposal,  and  before  any  inti 
mation  is  received  that  the  offer  is  withdrawn.  On  the  other  hand, 
if  A  makes  an  offer  to  B,  and  gives  him  a  specified  time  for  an 
answer,  A  may  retract  at  any  time  before  the  offer  is  accepted,  be 
cause  the  consent  of  both  parties  is  necessary  to  make  it  a  contract. 
(See  Kent's  Com.  vol.  ii.  for  a  fuller  exposition  of  the  above  prin 
ciples.) 

The  moment  that  both  parties  have  assented  to  the  terms,  the 
moment  that  one  has  said,  "I  will  pay  the  price  demanded,"  and 
the  other  has  said,  "I^will  receive  it/'  the  right  of  property  vests 
in  the  buyer,  and  the  risk  of  accident  is  with  him,  though  he  does 
not  acquire  the  right  of  possession  until  he  pays  or  tenders  the 
price,  unless  by  the  terms  of  the' contract  it  is  otherwise  provided 
(6  Dana,  48).  Where  the  goods  are  sold^on  a  credit,  the  buyer 
has  a  right  to  possession  without  tender  of  price,  unless  he  becomes 
insolvent  before  he  has  them  actually  in  possession.  On  intimation 
of  this  fact,  the  seller  has  the  right  to  retain  them,  or  stop  them 
on  the  way,  called  in  legal  phrase  stoppage  in  transitu. 

When  the  contract  has  been  completed  in  terms,  it  is  the  duty 
of  the  seller  to  deliver  the  goods,  that  is,  place  them  in  the  buyer's 
power,  so  that  he  may  remove  them  without  rightful  interference 
(on  performance  of  the  conditions  precedent  by  the  buyer),  and 
comply  with  his  warranties,  express  or  implied.  It  is  the  duty  of 
the  buyer  to  perform  his  conditions  precedent,  which  are  to  tender 
the  price  in  the  absence  of  a  special  stipulation,  and  if  they  were 
to  be  paid  for  by  note  or  bill,  he  must  tender  one.  But  the  word 
bill  is  not  held  to  mean  an  approved  bill,  that  means  a  bill  to  which 
no  reasonable  objection  can  be  made.  A  seller  is  not  legally  bound 
to  furnish  change,  though  the  custom  is  such  that  he  would  find 
it  his  interest  to  do  so. 

The  seller  must  comply  with  his  implied  or  express  warranties. 
When  a  man  sells  goods  that  are  in  his  own  possession,  he  impUcdly 


ON    BUSINESS.  135 

warrants  the  title,  and  must  make  it  good  in  case  of  difficulty. 
When,  however,  he  sells  goods  that  are  in  the  possession  of  another, 
and  does  not  expressly  warrant  the  title,  the  rule  of  caveat  emptor 
applies,  and  the  buyer  must  run  the  risk.  When  the  seller  is  man 
ufacturer  of  the  goods,  a  warranty  is  implied  in  the  contract  of 
sale,  that  the  goods  shall  be  reasonably  fit  and  proper  for  the  pur 
pose  for  which  they  were  bought,  and  of  at  least  medium  quality  or 
goodness.  If  they  come  short  of  this,  the  buyer  can  return  them, 
after  he  has  had  a  reasonable  time  to  inspect  them.  And  it  has 
likewise  been  held  that  this  rule  is  not  so  limited,  but  extends  to  all 
cases  where  the  buyer  relies  on  the  skill  and  judgment  of  the  seller. 

Express  warranties  have  been  thus  defined :  every  affirmation  at 
the  time  of  .the  sale  of  personal  chattels  or  goods  is  a  warranty, 
provided  it  appears  to  have  been  so  intended.  Mere  affirmations 
or  representations,  whether  oral  or  written,  mere  expressions  of 
judgment,  opinion,  or  belief  do  not,  however,  constitute  a  war 
ranty  ;  it  must  be  an  assertion  upon  which  he  intends  that  the  buyer 
shall  rely,  and  upon  which  he  does  rely. 

What  would  be  sufficient  evidence  of  this  intention  is  a  matter 
of  so  much  nicety,  that  the  buyer  who  relies  at  all  on  the  warranty 
should  always  insist  on  express  words  and  a  direct  engagement. 

If  there  be  no  express  warranty,  and  the  goods  be  present  to  tho 
parties,  and  no  fraudulent  representations  be  made  by  the  seller, 
the  purchaser  will  have  no  remedy  after  executing  the  contract,  if 
the  goods  turn  out  to  be  of  bad  quality,  unsound,  or  of  different 
kind  frr  denomination  from  what  they  were  thought  to  be  by  the 
parties.  Thus,  in  a  case  where  the  purchaser,  being  present,  bought 
an  article  as  Braziletto-wood,  and  described  as  such  in  the  adver 
tisements,  invoices,  and  bill  of  parcels,  which  turned  out  to  be 
peachum-wood — comparatively  worthless — (but  the  fact  was  nut 
known  to  the  seller),  it  was  decided  that  the  purchaser  had  no 
remedy.  He  must  attend  to  those  qualities  which  are  within  the 
reach  of  his  observation  and  judgment. 

But  it  is  also  a  general  rule  that  each  party  is  bound  in  every 
case  to  communicate  to  the  other  his  knowledge  of  material  facts, 
provided  he  knows  the  other  to  be  ignorant  of  them,  and  they  be 
not  open  and  naked,  or  equally  within  the  reach  of  his  observa- 


136  A    PRACTICAL    TREATISE 

tion.  For  instance,  a  horsejockey  is  not  bound  to  disclose  the  fact 
that  the  horse  is  blind — because  it  is  within  the  observation  of  the 
buyer  to  see  it ;  but  the  seller  of  a  ship,  knowing  of  a  latent  defect 
which  the  buyer  could  not  by  any  possible  attention  discover,  is 
bound  to  disclose  it,  or  the  sale  is  void  on  account  of  fraud. — 
Fraud  vitiates  all  contracts. 

In  some  of  the  States,  the  statute  for  the  prevention  of  frauds 
and  perjuries  requires  that  all  agreements — embracing  contracts 
for  the  sale  of  goods — not  to  be  performed  within  one  year,  shall 
be  in  writing  and  signed  by  the  party  to  be  charged,  or  his  agent 
duly  authorized;  but,  irrespective  of  this,  it  is  unquestionable 
policy  to  reduce  to  writing  all  contracts,  especially  where  perform 
ance  does  not  immediately  follow  the  agreement,  as  where  weigh 
ing,  or  measuring,  or  counting  is  necessary  before  the  bill  of  par 
cels  can  be  rendered ;  because,  in  these  cases,  there  is  some  conflict 
in  the  law,  I  believe,  as  to  who  holds  the  right  of  property  during 
the  intermediate  period.  At  all  events,  the  party  affirming  an  ab 
solute  sale  must  satisfy  the  jury  that  it  is  such,  which  he  may  not 
be  able  to  do  without  some  memorandum  in  writing — signed  by 
the  party  to  be  charged ;  and  this  will  also  prevent  differences  of 
opinion,  which,  though  honest,  are  not  the  less  vexatious.  But 
care  must  be  taken,  in  reducing  contracts  to  writing,  that  they  be 
full,  and  contain  all  the  material  facts,  and  not  leave  any  of  them 
to  the  verbal  understanding  of  the  parties — because  the  law  will 
not  admit  verbal  or  parol  evidence  to  supply,  explain,  or  contradict 
a  written  agreement.  Parol  evidence  is  only  admissible  when  it 
goes  to  contradict,  not  the  terms  of  writing,  but  to  defeat  the 
whole  contract  as  fraudulent  or  illegal.  All  matters  of  negotia 
tion,  antecedent  to,  or  outside  of  the  writing,  are  regarded  as 
merged  in  the  written  agreement. 

These  are  a  few  of  the  leading  legal  principles  that  govern  con 
tracts  of  sale.  In  consulting  elementary  works  on  the  law  by  non- 
professional  readers,  it  must  always  be  borne  in  mind  that  every 
word  has  a  meaning,  and  where  if,  but,  unless,  provided,  occur  in 
the  stating  of  a  general  rule,  it  must  not  be  supposed  that  they 
w^re  introduced  for  literary  ornament.  They  have  invariably  an 


ON    BUSINESS.  137 

important  significance,  and  mean  either  an  essential  requisite  or 
an  exception  to  the  rule. 

In  the  application  of  these  general  rules,  courts  frequently  give 
them  a  liberal  construction,  and  imply  contracts  without  the  terms 
being  known  or  expressly  agreed  upon  by  the  parties.  Thus,  if  A 
desires  B,  a  storekeeper,  to  send  him  a  piece  of  linen,  without 
specifying  price,  and  B  sends  the  linen  and  charges  it  at  eighty 
cents  a  yard,  the  law  implies  that  A  agreed  to  pay  for  it,  if  the 
price  be  not  unreasonable,  as  much  as  if  he  had  given  such  a  pro 
mise  in  writing.  When  a  man  employs  workmen,  without  agree 
ing  on  a  price,  the  law  implies  that  he  agreed  to  pay  what  their 
services  were  reasonably  worth.  Upon  the  same  principles  of  jus 
tice,  it  will  make  an  individual  into  whose  hands  money,  belonging 
to  a  third  person,  should  chance  to  be  paid,  or  a  cargo  of  merchan 
dise  delivered,  a  trustee  for  such  third  person,  and  also  implies  that 
a  promise  has  been  made  to  pay  over  the  money,  or  the  value  of 
the  goods  on  proper  demand  by  the  real  owner.  In  some  cases,  if 
I  expend  money  for  the  use  and  benefit  of  another,  and  in  all  cases, 
where  it  is  done  at  his  request,  the  law  presumes  that  he  agreed  to 
refund,  though  we  said  nothing  about  it.  If  A  inadvertently  pays 
the  debt  of  B  to  C,  and  afterwards,  on  discovering  the  mistake, 
demands  a  return  of  the  amount,  C  would  be  compelled  to  refund 
— the  law  assuming  that  he  agreed  to  do  so,  in  the  event  of  mistake. 
Commission  merchants,  transportation  companies,  &c.?  impliedly 
agree  with  every  man  who  intrusts  them  with  goods  that  they  will 
exercise  such  care  over  them  as  a  man  of  ordinary  carefulness 
would  take  of  his  own  property. 

We  cannot  better  conclude  our  suggestions  on  buying  and  selling 
than  by  quoting  Lord  Bacon's  observations  on  negotiating.  They 
should  be  committed  to  memory,  partly  for  use,  and  partly  for  pro 
tection  against  their  superior  use  by  others.  "It  is  generally 
better  to  deal  by  speech  than  by  letter ;  and  by  the  mediation  of  a 
third  than  by  a  man's  self.  Letters  are  good  when  a  man  would 
draw  an  answer  by  letter  back  again ;  or  when  it  may  serve  for  a 
man's  justification  afterwards  to  produce  his  own  letter;  or  where 
it  may  be  danger  to  be  interrupted,  or  heard  by  pieces.  To  deal 
.in  person  is  good,  when  a  man's  face  breedeth  regard,  as  commonly 

12* 


138  A    PRACTICAL    TREATISE 

with  inferiors ;  or  in  tender  cases,  where  a  man's  eye  upon  the  coun 
tenance  of  him  with  whom  he  speaketh  may  give  him  a  direction 
how  far  to  go ;  and  generally,  where  a  man  will  reserve  to  himself 
liberty  either  to  disavow,  or  to  expound.  In  choice  of  instruments, 
it  is  better  to  choose  men  of  a  plainer  sort,  that  are  like  to  do  that 
is  committed  to  them,  and  to  report  back  again  faithfully  the  suc 
cess  than  those  that  are  cunning  to  contrive  out  of  other  men's 
business  somewhat  to  grace  themselves,  and  will  help  the  matter  in 
report,  for  satisfaction  sake.  Use  also  such  persons  as  affect  the 
business  wherein  they  are  employed,  for  that  quickeneth  much ; 
and  such  as  are  fit  for  the  matter,  as  bold  men  for  expostulation, 
fair-spoken  men  for  persuasion,  crafty  men  for  inquiry  and  observa 
tion,  froward  and  absurd  men  for  business  that  doth  not  well  bear 
out  itself.  Use  also  such  as  have  been  lucky  and  prevailed  before 
in  things  wherein  you  have  employed  them  •  for  that  breeds  confi 
dence,  and  they  will  strive  to  maintain  their  prescription.  It  is 
better  to  sound  a  person  with  whom  one  deals  afar  off,  than  to  fall 
upon  the  point  at  first ;  except  you  mean  to  surprise  him  by  some 
short  question.  It  is  better  dealing  with  men  in  appetite,  than  those 
that  are  where  they  would  be.  If  a  man  deal  with  another  upon 
conditions,  the  start  of  first  performance  is  all  which  a  man  can  rea 
sonably  demand,  except  the  nature  of  the  thing  be  such,  which 
must  go  before ;  or  else  a  man  can  persuade  the  other  party  that 
he  shall  still  need  him  in  some  other  thing ;  or  else,  that  he  be 
counted  the  honester  man.  All  practice  is  to  discover,  or  to  work. 
Men  discover  themselves  in  trust,  in  passion,  at  unawares  j  and  of 
necessity  when  they  would  have  somewhat  done,  and  cannot  find 
an  apt  pretext.  If  you  would  work  any  man,  you  must  either 
know  his  nature  and  fashions,  and  so  lead  him ;  or  his  ends,  and 
so  persuade  him ;  or  his  weakness  or  disadvantages,  and  so  awe 
him;  or  those  that  have  interest  in  him,  and  so  govern  him.  In 
dealing  with  cunning  persons,  we  must  ever  consider  their  ends,  to 
interpret  their  speeches ;  and  it  is  good  to  say  little  to  them,  and 
that  which  they  least  look  for.  In  all  negotiations  of  difficulty,  a 
man  may  not  look  to  sow  and  reap  at  once ;  but  must  prepare 
business,  and  so  ripen  it  by  degrees." 


ON    BUSINESS.  139 

INSURANCE. — As  soon  as  goods  have  been  purchased  or  received 
on  consignment,  they  should  be  insured.  Insurance  is  regarded 
by  the  late  ethical  writers  as  an  obligation  of  moral  duty  in  all 
cases  where  the  interests  of  creditors  are  endangered  through  neg 
lect  of  it.  They  reason  in  this  wise  :  A  merchant  who  trades  on 
borrowed  capital  is  not  honest  if  he  endangers  the  Ibss  of  an 
amount,  which,  if  lost,  would  disable  him  from  paying  his  debts. 
A  man  who  possesses  a  81,000,  and  borrows  a  thousand,  cannot 
virtuously  speculate  so  extensively  as  that,  if  disappointed  in  his 
prospects,  he  would  lose  twelve  hundred.  The  speculation  is  dis 
honest  whether  it  succeeds  or  not — because  ife»is  risking  other  men's 
property  without  their  consent.  Upon  the  same  principles,  they 
argue,  it  is  unjust  not  to  insure  in  all  cases  where,  if  the  houses  or 
goods  were  destroyed  by  fire,  the  trader  would  be  unable  to  pay 
his  creditors  :  and  the  injustice  consists,  not  in  the  actual  loss,  but 
in  endangering  the  infliction  of  loss.  There  are  but  two  ways, 
they  conclude,  by  which  the  claims  of  rectitude  can  be  satisfied  : 
the  one  is  by  insurance  j  and  the  other  is  by  informing  the  actual 
owners  of  the  want  of  it,  and  let  them  run  the  risk.  Be  this  as 
it  may,  the  charge  is  trifling — and  not  to  be  compared  with  the 
comfortable  feeling  of  security  that  results. 

It  is  probable  that  all  men  feel  it  to  be  their  duty  to  insure  :  the 
cause  of  neglect  is  generally  procrastination.  It  is  postponed 
from  day  to  day,  until  by  and  by  a  sense  of  security  arises,  and 
they  begin  to  calculate  how  much  they  have  saved  by  not  in 
suring,  and  then  abandon  the  idea  altogether :  others,  who  are 
cramped  for  money,  think  they  cannot  conveniently  spare  the 
premium.  Let  all  remember  that  delays  are  dangerous.  It  is 
only  men  of  large  property,  like  Grirard,  or  Longworth  of  Cincin 
nati,  who  can  afford  to  neglect  insuring :  with  them  the  occasional 
loss  of  a  house  or  two  would  not  amount  to  so  much  as  the  premium 
of  insurance  on  all  their  property.  Men  of  limited  property  can 
not  do  this :  they  should  insure  not  only  their  houses,  but  their 
goods — not  only  their  dwellings,  but  the  furniture  in  them. 

Some  care,  however,  must  be  taken  in  the  selection  of  an  office. 
In  all  parts  of  the  country  there  are  good  and  bad,  honorable  and 
dishonorable  offices ;  and  in  making  a  choice,  the  attention  should 


140  A   PRACTICAL   TREATISE 

be  directed  particularly  to  inquire,  as  far  as  possible,  how  they  have 
settled  their  losses  with  men  of  limited  influence.  The  great  com 
plaint  against  insurance  offices  of  all  kinds  is  a  disposition  to  resist 
the  payment  of  policies  by  quibbles  and  litigation.  Men  of  exten 
sive  influence,  and  those  who  will  be  likely  to  make  a  noise,  may 
never  hav«  an  opportunity  to  observe  this  trait,  but  attention  to 
the  law  proceedings  in  courts  will  show  that  men  of  less  influence 
have  frequently  just  cause  of  complaint.  Offices  that  manifest  the 
faintest  indications  of  a  disposition  of  this  kind  should  be  marked 
with  ink  as  black  as  that  which  Benton  used  to  expunge  the  reso 
lutions  of  censure  against  General  Jackson.  It  is  their  business, 
or  it  should  be,  to  take  risks  against  every  thing  but  fraud,  and 
then  they  should  receive  the  universal  support  of  the  community. 

••-  INSURANCE  ON  LIFE  is  a  device  of  man — some  say  of  the  devil 
— since  Solomon  made  the  smart  remark  that  "  there  is  no  new 
thing  under  the  sun.'7  It  is  an  older  invention  than  the  mercantile 
agency,  and  a  good  deal  better.  It  was  in  1706  the  first  life  in 
surance  office,  the  Amicable,  commenced  business  amidst  many 
prophecies  of  failure,  and  loud  denunciations  that  it  was  flying  in 
the  face  of  Providence.  Its  plan  was  to  insure  all,  the  young  and 
old,  the  sick  and  the  sound,  at  one  uniform  rate  of  ,£5  per  cent, 
per  annum,  and  £7  per  cent,  entrance  money,  and  it  succeeded. 
Other  offices  soon  followed  in  England  and  in  other  parts  of 
Europe — but  the  French,  to  maintain*  their  usual  consistency  of 
character,  decreed  it  unlawful,  u  because  it  is  an  offence  against 
public  decency  to  set  a  price  upon  the  life  of  a  freeman,  which  is 
above  all  valuation." 

The  system  of  life  insurance  is  now  firmly  established  in  Europe, 
and  is  rapidly  growing  into  favor  in  the  United  States.  Its  advo 
cates  in  this  country  have  had  the  field  of  argument,  in  a  measure, 
to  themselves,  until  lately  a  banker*  from  the  North,  "  of  eager 
search  and  dauntless  soul/'  has  pointed  out  to  the  people  that  their 
profits,  like  the  footprints  around  a  slaughter-house,  should  admonish 
those  who  are  entering  that  the  current  inward  exceeds  greatly  the 

*  A.  B.  Johnson,  Esq.,  of  the  Ontario  Branch  Bank,  Utica. 


ON    BUSINESS*.  141 

current  outwards.  He  states  that  a  man  twenty-five  years  of  age, 
who  insures  his  life  for  $5,000;  for  which  he  pays  an  annual  pre 
mium  of  eighty  dollars,  will  pay  in  twenty-four  years  some  thirty 
dollars  more  than  his  family  will  receive  at  his  death,  and  if  he 
lives  to  seventy-five  years  of  age,  will  have  paid  in  principal  and 
interest  some  $35,000.  For  this  reason,  among  others,  he  argues 
that  a  man  should  deposit  the  premium  in  Savings'  Institutions. 
This  would  be  undoubted  policy,  if  we  could  be  certain  that  we 
would  live  twenty-four  or  fifty  years  longer — but  without  that  cer 
tainty,  a  man  of  small  means  endangers  the  future  happiness  and 
comfort  of  his  family,  when  he  might  avoid  it,  in  case  he  should 
die  within  the  next  year,  or  the  next  ten  years.  But,  aside  from 
this,  by  insuring  in  a  mutual  insurance  office  he  will  certainly  not 
lose  any  such  sum,  and  may  gain  in  the  way  of  profits  and  bonuses 
even  a  greater  sum. 

Savings'  Institutions  and  Life  Insurance  Companies  are  both 
valuable  and  commendable,  and  it  is  prudent  to  avail  one's  self  of 
both.  Let  the  man  who  thinks  he  should  leave  his  family  $10,000 
at  his  death  insure  his  life  for  $5,000,  and  whenever  he  pays  the 
premium  on  that,  deposit  a  similar  amount  in  a  Savings'  Bank, 
and,  in  any  event,  he  will  be  certain  to  leave  his  family  above 
destitution.  The  objections  to  a  sole  reliance  on  these  banks 
are,  that  they  do  not  provide  against  early  casualties;  require  an 
immense  deal  of  fortitude  in  pinching  times  to  add  to  the  deposits, 
or  to  keep  from  drawing  them  out  and  using  them ;  and  they  have 
a  tendency  to  produce  a  close  and  miserly  disposition.  Life 
insurance  is  free  from  these  objections,  and  is  unquestionably 
good,  I  think,  in  principle }  but  it  also  needs  inprovement  in  prac 
tice,  and  greater  safeguards  by  law. 

There  are  three  kinds  or  classes  of  Life  Insurance  Companies. 
The  first  and  oldest  is  the  proprietary  or  Joint  Stock  Company. 
They  are  established  in  the  same  manner  as  other  joint  stock  com 
panies,  have  an  actually  paid  up  capital,  insure  for  certain  fixed 
sums,  without  any  participation  in  the  profits,  which  are  divided 
among  the  proprietors  of  the  capital  stock.  Their  peculiar  advan 
tages  are,  the  security  of  the  subscribed  and  actually  paid  up 
capital,  and  where  not  limited  by  State  legislation,  also  the  pri- 


142  A    PRACTICAL    TREATISE 

vate  wealth  of  the  individual  partners.  If  incorporated,  however, 
the  individuals  are  not  liable  beyond  the  amount  of  their  stock, 
unless  expressly  made  so  in  their  charter  or  by-law.  The  Massa 
chusetts  Hospital  Life  Insurance  and  Trust  Company,  of  Boston, 
is  a  proprietary  or  Joint  Stock  Company,  and  was  established  in 
1818,  with  a  capital  of  $500,000,  divided  into  5000  shares.  No 
stockholder  is  liable  beyond  the  amount  of  instalments  remaining 
unpaid  on  his  shares. 

The  second  class  may  be  termed  the  mixed — they  are  joint  stock 
companies  with  a  paid  up  capital;  but,  instead  of  giving  merely 
fixed  sums  to  the  insured  at  the  termination  of  life,  they,  after 
paying  the  stockholders  simple  annual  interest,  and  setting  aside  a 
contingent  fund,  divide  the  balance  of  the  net  profits  among  those 
who  have  taken  out  policies  for  life,  and  generally  in  the  proportion 
of  one-third  to  stockholders  and  two-thirds  to  policy  holders. 
They  combine  the  advantages  of  security  of  capital  and  a  participa 
tion  in  the  profits.  Of  this  kind  is  the  Girard  Life  Insurance 
Annuity  and  Trust  Company  of  Philadelphia,  which  makes  assu 
rance  on  the  life  "of  a  healthy  person,  not  engaged  in  any  hazard 
ous  occupation,  and  residing  within  the  settled  limits  of  the  United 
States,  north  of  the  Southern  boundary  of  Virginia  and  Kentucky, 
or  within  the  settled  limits  of  the  Two  Canadas,  Nova  Scotia,  and 
New  Brunswick." 

The  other  kind  is  the  mutual,  which  is  similar  in  principle  and 
organization  to  the  Mutual  Fire  and  Marine  Insurance  Companies. 
The  act  of  incorporation  usually  prescribes  that  the  company  shall 
not  issue  a  policy  until  a  certain  sum,  say  $500,000,  is  subscribed, 
the  premium  on  which  is  their  capital.  In  mutual  offices,  the 
whole  profits,  after  deducting  expenses,  and  a  proportion  for  a 
guarantee  fund,  is  divided  among  those  who  are  holders  of  policies 
for  life.  Every  one  insured  is,  during  the  existence  of  the  policy. 
a  partner  in  the  concern,  and  is  mutually  insurer  and  insured. 
Though  they  have  no  previously  paid  up  capital,  experience  has 
thus  far  proved  that  they  are  equally  secure  with  the  others, 
every  one  insured  having  an  interest  in  its  prosperity;  and  they 
possess,  in  an  eminent  degree,  the  ingredients  of  popularity  and 
usefulness.  Of  this  kind  there  are  many;  and  to  mention  an  ex- 


ON    BUSINESS.  143 

cellent  one,  we  name  the  Mutual  Life  Insurance  Company  of  New 
York. 

In  selecting  an  office,  care  must  first  be  taken  as  to  its  security, 
and  its  reputation  for  good  management,  which  is  the  main  thing; 
and  then  particular  care  must  be  taken  in  answering  the  questions  in 
regard  to  the  diseases  which  you  have  had,  that  nothing  be  omitted, 
whether  it  be  material  or  immaterial.  It  is  better  not  to  insure  at 
all,  than,  after  paying  premiums  for  years,  your  family  finds  the 
policy  void,  after  your  death,  on  account  of  some  omission  or  mis- 
statement.  I  would  advise  every  one  who  is  not  well  posted  in 
legal  significations,  before  he  signs  a  policy,  to  consult  his  own 
private  attorney,  as  he  ought  to  do  in  every  important  transaction. 
I  say,  his  own  attorney,  and  not  a  stranger,  for  a  great  number  in 
the  profession  are  secretly  in  the  interest  of  the  Insurance  com 
panies,  and  receive  a  commission  on  all  the  policies  they  influence. 
By  doing  so,  you  may  probably  escape  signing  or  taking  a  policy 
containing  a  provision  like  the  following  "  The  company  will  pay 
a  stipulated  sum  within  three  months  after  death,  provided  every 
statement,  declaration,  and  all  testimonials  and  documents  addressed 
to  or  deposited  with  the  company,  in  relation  to  the  insurance,  shall 
be  found  to  be,  in  all  respects,  true."  Now,  a  all  testimonials  and 
documents  addressed  to  or  deposited  with  the  company,"  embrace, 
besides  your  own  statement,  the  statement  of  your  friend  to  whom 
your  have  referred,  the  statement  of  your  physician,  and  the  state 
ment  of  their  own  medical  adviser,  all  of  which  you  have  never 
seen,  nor  do  you  know  what  they  contain.  These  statements  are 
then  held  as  warranted,  and  taken  as  the  basis  of  the  contract;  so 
that  the  policy  shall  be  void,  if  any  important  information  has  been 
omitted. 

They  do  not  take  it  upon  themselves  to  prove  the  misstatement  or 
omission  ;  but  if  they  merely  take  a  fancy  to  object  to  payment, 
your  family,  or  whoever  may  be  the  owner  of  the  policy,  cannot 
recover  unless  they  can  prove,  to  the  satisfaction  of  the  jury,  after 
you  are  dead,  that  you  had  not  at  any  time,  from  infancy  upwards, 
all  or  any  of  the  diseases  or  symptoms  of  disease  mentioned  in  the 
proposals.  They  throw  the  burden  of  proving  every  thing,  though 
they  have  the  documentary  evidence  in  their  possession,  upon  the 


144  A   PRACTICAL    TREATISE 

claimant  of  the  insurance,  and  he  is  placed  in  the  absurd  position 
of  having  to  prove  the  affirmative  of  a  negative  proposition. 

This  is  a  common  provision,  I  believe,  in  London  insurance 
offices  \  but  I  am  advised  that  it  is  not  common  in  American  poli 
cies.  It  is  true  that  all  generally  settle  their  losses  with  liberality, 
and  competition  increases  the  security  in  this  respect  j  but  no  wide 
awake  man  should  take  a  policy  that  will  extend  throughout  years 
with  no  stronger  guarantee  than  the  liberality  of  an  incorporation. 
The  few  policies  which  I  have  seen  make  the  truth  of  one's  own 
statement  the  basis  of  the  contract,  which  is  more  reasonable ,  but 
insurance  offices,  of  all  kinds,  should  adopt  the  principle  of  the 
London  Indisputable,  which  is  that  every  policy  issued  by  the  com 
pany  "  shall  be  indefeasible  and  indisputable,  and  the  fact  of  issuing 
the  same  shall  be  considered  sufficient  evidence  of  the  validity  of 
the  policy.''  Those  offices,  if  there  are  any,  that  adopt  this  prin 
ciple,  should,  other  things  being  equal,  receive  the  preference.* 

We  must  now  leave  the  first  division  of  our  subject.  We  must 
consider  ourselves  prepared  to  supply  a  public  demand,  and  inquire 
how  we  shallget  customers. 

*  "  A  short  rule  for  ascertaining  the  expectation  of  life,  according  to  the 
Northampton  tables,  is  to  take  the  age  from  the  number  86,  and  then  di 
vide  by  two."  Thus  a  man  40  years  of  age  will  live  upon  the  general  ave 
rage  23  years,  for  86  less  40  is  46,  which,  divided  by  two,  leaves  23.  The 
expectation,  at  birth,  is  25  years,  and  at  one  year  32.  These  are  excep 
tions  to  the  rule.  The  value  of  a  policy,  in  case  the  insured  wishes  to 
sell,  is  considered  worth  about  one- third  of  the  whole  amount  of  premiums 
that  have  been  paid. 


ON   BUSINESS.  145 


CHAPTER    VIII. 
GETTING  MONEY  BY  MERCHANDIZING— CONTINUED. 

HOW   TO   GET   CUSTOMERS. 

IN  the  progressive  stages  of  civilization,  men  have  held  many 
erroneous  ideas,  and  have  been  chargeable  with  much  folly,  but  I 
am  not  aware  that  at  any  time,  or  in  any  age,  they  considered  it 
sufficient  to  place  themselves  in  one  of  the  u  main  grooves  of  human 
affairs,"  and  wait  for  fortune.  Mercantile  men  certainly  have  never 
entertained  the  idea  that  all  that  is  necessary,  in  order  to  do  busi 
ness,  is  to  open  a  shop  or  store  and  stock  it  with  merchandise.  To 
take  some  means  to  inform  the  public  of  the  nature  of  their  busi 
ness,  and  solicit  their  patronage,  has  ever  been  a  matter  of  primary 
importance.  In  the  middle  of  the  seventeenth  century,  the  shop 
keepers  of  London  made  known  their  business  viva  voce.  The 
masters  or  proprietors  would  take  a  turn  before  their  doors,  crying 
out,  "  What  d'ye  lack,  sir?  what  d'ye  lack  madam  ?"  and  then  run 
over  a  list  of  the  commodities  they  dealt  in,  and  when  tired,  the 
task  was  assumed  by  the  apprentice,  thus  making  the  city  a  Babel 
of  strange  sounds. 

This  democratic  era  was  succeeded  by  the  age  of  signs,  which 
genius  soon  improved  and  ornamented  by  all  imaginable  devices. 
Painting,  gilding,  boars'  heads,  flying  dragons,  and  flying  swans, 
were  conspicuous  emblems.  As  the  capabilities  of  the  printing- 
press  were  developed,  shrewd  men  saw  in  it  a  chance  to  (( universal 
ize  their  sign-board ;"  they  saw  they  could  place  upon  it  not  only 
their  name  and  number,  but  a  full  account  of  their  stock,  and  their 
range  of  prices ;  they  saw  that  they  could  challenge  the  attention 
not  only  of  those  who  passed  by  their  store,  but  of  men  in  all 
places,  and  at  all  times.  The  present  is  the  era  of  advertising, 

13 


146  A   PRACTICAL    TREATISE 

Advertising  is  the  best  mode  of  drawing  "buyers  that  I  can  suggest. 
By  means  of  it  men  can  sell  articles  that  are  valueless,  and  make 
fortunes  by  it ;  why  s-hould  not  those  who  have  valuable  articles 
to  dispose  of  ?  An  extensive  system  of  advertising  is  invariably 
resorted  to  by  those  who  have  trash  to  dispose  of,  and  it  succeeds  ; 
how  much  easier,  then,  to  sell  a  useful  and  valuable  article  ?  Ad 
vertising  and  politeness  are  the  main  levers  to  get  customers.  Ad 
vertising  will  draw  them,  ability  to  fill  their  orders  will  satisfy 
them,  and  politeness  will  induce  them  to  buy. 

ADVERTISING. — "  To  the  merchant  or  dealer  who  is  sure  of  "his 
ability  to  fill  orders  on  the  most  favorable  terms,  the  attainment  of 
an  adequate  publicity  is  the  matter  of  primary  concern.  If  his  cir 
cle  of  trade  is  properly  the  county  in  which  he  lives,  then  he  should 
take  effectual  measures  to  let  every  family  in  the  county  know  what 
he  sells,  and  on  what  conditions.  It  is  idle  to  speak  of  the  cost  as 
an  impediment.  He  might  as  well  object  to  the  cost  of  sheltering 
his  goods  from  bad  weather,  protecting  them  from  thieves,  or  deal 
ing  them  out  to  customers.  All  the  other  cost  of  his  business  is 
incurred  without  adequate  motive  or  return,  so  long  as  the  essential 
element  of  his  business  is  neglected  or  scrimped.  If  his  location 
and  his  stock  only  entitle  him  to  expect  the  custom  of  his  own  town 
ship  and  neighborhood,  then  he  should  incur  the  expenses  of  fully 
informing  that  locality.  Just  so  with  the  wholesale  merchant  who 
aspires  to  a  custom  coextensive  with  his  State,  his  section,  or  the 
whole  Union.  If  he  is  prepared  to  satisfy  so  wide  a  demand  on 
favorable  terms,  the  expense  of  apprising  those  whom  he  desires 
for  customers  of  the  nature  of  his  business,  the  character  of  his 
stock,  the  range  of  his  prices,  and  the  reasons  why  he  should  be 
dealt  with,  is  one  which  he  cannot  refuse  to  incur  without  gross 
incompetency  and  ruinous  prodigality.  By  thus  refusing,  he  in 
creases  his  expenses  for  rent,  lights,  fuel,  clerk  hire,  &c.,  from  one- 
half  per  cent,  to  three,  five,  and  in  some  cases  ten  per  cent,  on  his 
aggregate  sales,  and  renders  it  morally  impossible  that  he  should 
sell  at  a  profit,  and  at  the  same  time  sell  as  cheaply  as  his  more  enter 
prising  and  capable  rivals.  In  effect,  he  confesses  defeat  and  in 
capacity,  and  retreats  to  the  rear-rank  of  his  vocation. 


ON   BUSINESS.  147 

Some  men  who  know  enough  to  advertise  are  yet  so  narrow 
as  to  confine  their  advertisements  to  journals  of  their  own  creed 
or  party.  If  they  do  not  choose  to  trade  with  any  but  men  of 
like  faith,  this  is  wise ;  but  if  they  desire  to  have  the  whole  public 
for  customers,  it  is  otherwise. 

"  There  is  a  large  class  who  delight  to  shine  in  newspapers  and 
placards  as  wits  and  poets,  and  announce  their  wares  in  second 
hand  jokes,  or  in  doggerel  fit  to  set  the  teeth  of  a  dull  saw  on 
edge.  If  their  object^  is  notoriety  or  a  laugh,  this  is  the  way  to 
attain  it  ]  but  if  it  be  business,  it  would  seem  better  to  use  the 
language  of  business.  Leave  clowns'  jests  to  the  circus,  and  let 
sober  men  speak  as  they  act,  with  directness  and  decision  The  few 
est  words  that  will  convey  the  advertiser's  ideas  are  the  right  ones. 

"Men  of  business  are  hardly  aware  of  the  immense  change  which 
a  few  years  have  wrought  in  the  power  of  a  public  press.  A  few 
years  since,  a  circulation  of  three  thousand  copies  was  a  very  large 
one  for  a  daily  paper.  Now  there  are  journals  issuing  forty  to  fifty 
thousand  copies  daily,  while  lists  of  ten  to  twenty  thousand  are  fre 
quently  and  rapidly  increasing.  As  a  general  rule,  an  advertise 
ment  in  a  paper  now  will  meet  the  eyes  of  four  to  ten  times  as 
many  persons  as  a  like  announcement  would  have  done  twenty  years 
ago.  It  is  easy  to  place  one  where  it  will  meet  the  eyes  of  one 
hundred  thousand  persons  within  two  days,  or,  by  using  half  a  dozen 
papers,  to  challenge  the  attention  of  half  a  million  of  persons.  When 
it  is  practicable  to  attain  such  publicity  at  the  cost  of  a  few  dollars, 
and  when  some  actually  do  attain  it,  how  can  those  who  neglect  it 
expect  to  build  up  a  new  business  ?  An  old  one  may  subsist  until 
its  customers  gradually  drop  off  by  death  or  removal ;  but  he  who 
would  build  up  a  business  now,  must  be  *  like  the  time/  and  im 
prove  the  advantages  it  offers.  Foremost  among  these  is  the  facility 
,-irtw  so  cheaply  afforded  for  general  advertising.  To  neglect  it  is  like 
resolving  never  to  travel  by  steam  nor  communicate  by  telegraph. 
It  is  to  close  one's  eyes  to  the  light  and  insist  upon  living  in  per 
petual  darkness.  An  individual  may  do  this  at  his  own  cost ;  but 
a  community — a  class,  will  never  act  so  insanely ;  and  he  who 
neglects  the  advantages  of  advertising,  not  only  robs  himself  of 
his  fair  advantages,  but  bestows  the  spoils  on  his  wiser  rivals." 


148  A    PRACTICAL    TREATISE 

.  POLITENESS  is  also  a  powerful  lever  in  the  hands  of  an  able  man. 
In  the  course  of  a  business  lifetime,  there  are  many  opportunities 
for  the  merchant  to  enlarge  the  circle  of  his  friends  by  leaving  a 
favorable  impression  on  the  minds  of  strangers.  Strangers  fre 
quently  call  into  stores  to  get  some  information  which  is  interest 
ing  or  beneficial  to  themselves,  and  this  is  a  golden  opportunity.  A 
shrewd,  polite  man  will  invariably  satisfy  their  inquiries  with  mani 
fest  good  will,  to  the  best  of  his  ability — a  fool  will  invariably  think 
himself  too  busy,  when  there  is  no  immediate  prospect  of  gain. 
As  the  life  of  the  merchant  is  the  favorable  opinion  of  the  pub 
lic,  a  shrewd  man  will  seize  hold  of  every  opportunity  to  add  to 
his  troop  of  friends — a  fool  will  make  a  neutral  his  enemy. 

Politeness  has  been  defined  to  l>c  the  art  of  showing  men,  by  ex^ 
tcrnal  signs,  the  internal  regard  we  have  for  them.  It  indicates  a 
good  heart  and  a  wise  head.  It  is  not  limited  in  its  expression  to 
set  forms  or  ceremonies,  nor  can  it  be  learned  by  any  system  of 
rules.  The  same  wisdom  that  appreciates  its  value  will  direct  in 
the  choice  of  the  external  signs  by  which  to  manifest  it,  and  form 
the  manners. 

Mankind  are  naturally  polite.  There  is  nothing  so  graceful  in 
its  gestures  and  winning  in  its  ways  as  an  unspoiled  child.  It 
seems  to  be  the  private  mark  of  the  great  Creator,  stamped  on  the 
infant's  brow  by  the  manufacturer's  own  hand,  to  tell  the  world 
that  he  is  of  the  family  of  man.  Its  import  is  understood  in 
every  language,  and  in  every  clime.  But,  like  any  other  private 
mark,  men  may  scratch  it  off,  and  make  themselves  beasts — they 
may  counterfeit  it,  and  make  themselves  fools,  or  they  may  set  it 
off,  polish  it,  exhibit  it,  and  make  themselves  gentlemen.  Polite 
ness  has  a  great  affinity  with  nature.  It  is  oftener  found  "  in 
lowly  sheds,  with  smoky  rafters,  than  in  tapestry  halls,  and  counts 
of  princes."  Men  in  cities  are  liable  to  become  impolite.  They 
are  liable  to  contract  a  contempt  for  their  species.  They  become 
acquainted  "with  their  vices,  and  familiar  with  their  miseries,  and 
soon  lose  that  internal  regard  and  reverence  which  one  human 
being  should  have  for  another.  The  cultivation  of  the  mind  and 
of  the  heart  will  check  this  tendency ;  and  I  regard  it  no  small 
commendation  of  a  mercantile  life  that  it  demands  a  close  attention 


ON    BUSINESS.  .       149 

to  the  forms  of  politeness,  even  if  the  essence  be  wanting.  Motives 
are  inscrutable  to  mortal  ken,  and  the  man  who  shows  he  is  desir 
ous  of  pleasing  another  may  charitably  be  presumed  to  have  some 
internal  regard  for  him.  The  merchant  of  the  present  and  the  next 
age  must  be  a  polite  man.  The  boors  have  had  their  da}-.  Hence 
forth,  they  will  only  succeed  where  gold  dollars  can  be  picked  up 
as  the  Israelites  did  the  manna.  Competition  in  less  fortunate 
places  will  drive  them  to  their  proper  vocation  of  tending  swine. 
Politeness  is  never  a  trifle,  and  there  are  no  trifles  in  business. 
Small  things  may  produce  mighty  consequences.  Every  one  who 
has  risen  to  eminence  from  an  humble  station  can,  if  he  will  take 
the  trouble,  point  to  the  precise  period  in  his  life  when  a  change 
was  unexpectedly  wrought  in  his  favor;  and,  if  he  examines 
closely,  he  will  find  it  .associated  with  some  trivial  circumstance, 
or  caused  by  some  humble  instrument.  One  morning  a  poor  old 
soldier  called  at  the  shop  of  a  hair-dresser,  who  was  busy  with  his 
customers,  and  asked  relief,  stating  that  he  had  stayed  beyond  his 
leave  of  absence,  and,  unless  he  could  get  a  lift  on  the  coach, 
fatigue  and  severe  punishment  awaited  him.  The  hair-dresser  list 
ened  to  his  story  respectfully,  and  gave  him  a  guinea.  "  God 
bless  you,  sir !"  said  the  veteran,  astonished  at  the  amount.  "  How 
can  I  repay  you  ?  I  have  nothing  in  the  world  but  this/'  pulling 
out  a  dirty  piece  of  paper  from  his  pocket ;  "  it  is  a  recipe  for  mak 
ing  blacking;  it  is  the  best  that  was  ever  seen  ;  many  a  half  guinea 
I  have  had  for  it  from  the  officers,  and  many  bottles  I  have  sold ; 
may  you  be  able  to  get  something  for  it  to  repay  you  for  your 
kindness  to  the  poor  soldier  !"  That  dirty  piece  of  paper  was  the 
recipe  for  the  renowned  Day  and  Martin's  blacking;  and  that 
hair-dresser  is  the  now  wealthy  Mr.  Day,  whose  manufactory  is 
one  of  the  ornaments  of  London,  and  whose  palace  in  Kegent's 
Park  rivals  in  magnificence  the  mansions  of  the  nobility. 

"  There  is  a  tide  in  the  affairs  of  men 
Which,  taken  at  the  flood,  leads  on  to  fortune; 
Omitted,  all  the  voyage  of  their  life 
Is  bound  in  shallows  and  in  miseries." 

It  is  a  wise  ordination  of  Providence  that  we  cannot  foresee  the 


150  A    PRACTICAL    TREATISE 

golden  moment  of  opportunity,  so  that  we  may  plant  ourselves  on 
the  rock  of  principles  which  the  wisdom  of  ages  has  built  up,  and 
that  we  may  at  all  times  hold  ourselves  in  readiness  to  embrace 
opportunity.  Were  it  otherwise,  we  would  have  no  present  inter 
est  to  act  prudently,  and  could  afford  to  indulge  in  negligence. 

It  is  well  always  to  remember  that  relations  in  business  are  con 
tinually  changing.  The  stranger  of  to-day  may  be  the  creditor  of 
to-morrow ;  and  the  harsh  creditor  of  one  week  may  be  an  unfor 
tunate  debtor  in  the  next.  Banks  sometimes  shut  down,  and  a 
can  would  be  convenient.  A  better  than  Shylock  might  answer 
to  the  man  who  considered  it  unnecessary  to  be  polite  to  strangers 
and  inferiors 

"You  spurn'd  me  such  a  day;  another 

You  called  me  dog;  and  for  these  courtesies 

I'll  lend  you  thus  much  money." 

It  is  a  matter  of  daily  observation  that  the  Jews  are  more  suc 
cessful  in  money -getting  than  any  other  people.  As  rich  as  a  Jew, 
is  a  proverb.  How  to  account  for  this — to  what  cause  to  ascribe 
it — has  no  doubt  been  a  puzzle  with  many.  .  If  the  following  state 
ment  be  correct,  there  is  no  difficulty  in  accounting  for  it :  "  The 
politest  people  in  the  world  are  not  the  French,  the  English,  the 
American,  the  Italian,  nor  the  German,  but  the  Jewish.  For  the 
Jews  are  maltreated  and  reviled,  and  despoiled  of  their  civil  privi 
leges,  and  their  social  rights  :  yet  are  they  every  where  polite, 
affable,  insinuating,  and  condescending.  They  are  remarkable  for 
their  industry  and  perseverance;  indulge  in  few  or  no  recrimina 
tions  ;  are  faithful  to  old  associations ;  more  respectful  of  the  pre 
judices  of  others  than  these  are  of  theirs;  not  more  worldly- 
minded  and  money-loving  than  people  generally  are ;  and  every 
thing  considered,  they  surpass  all  nations  in  courtesy,  affability, 
and  forbearance.  Few  persons  excel  in  address  a  bright  and  pol 
ished  Jew.  There  is  no  rusticity  among  that  people."  Whether 
the  representation  be  correct  or  not,  we  scarcely  know }  but  it  is 
certain  that,  by  doing  likewise,  we  would  be  on  the  high  road  to 
success. 

Politeness  is  not  inconsistent  with  firmness.  It  is  only  the  polite 
man  who  dares  at  all  times  to  refuse  doing  that  which  his  judg- 


ON    BUSINESS.  151 

ment  condemns.  "  Most  men,"  says  Lord  Clarendon,  "  are  slaves 
because  they  cannot  pronounce  the  monosyllable. '  No/  ''  A  po 
lite  man  may  pronounce  it,  whenever  he  chooses,  with  less  danger 
of  offence  than  a  rude  man's  "  yes." 

Politeness  is  not  inconsistent  with  a  proper  degree  of  spirit. 
When  we  have  to  deal  with  a  bully,  resistance  is  our  only  alterna 
tive.  Any  sign  of  deference  or  submission  will  only  provoke  in 
creased  rudeness.  A  polite  man  never  undervalues  himself.  He 
that  suffers  himself  to  be  ridden,  says  Burton,  or  that,  through 
pusillanimity  or  sottishness,  will  let  every  man  baffle  him,  shall  be 
a  common  laughing-stock  to  flout  at.  As  a  cur  that  goes  through 
a  village,  if  he  clap  his  tail  between  his  legs,  and  run  away,  every 
cur  will  insult  over  him ;  but  if  he  bristle  himself  up,  and  stand 
to  it,  and  give  a  counter-snarl,  there's  not  a  dog  dares  meddle 
with  him ;  there  is  much  in  a  man's  courage  and  discreet  carriage 
of  himself. 

Politeness  is  not  inconsistent  with  religion.  It  is  a  mistaken 
notion  that  some  professors  of  religion  seem  to  have,  that  blunt- 
ness  is  a  mark  of  sincerity.  Young  men  frequently  complain  that 
they  take  advantage  of  interviews  on  business  to  read  moral  lec 
tures,  and  enforce  doctrinal  points.  As  I  am  not  of  the  brother 
hood,  I  will  merely  commend  to  their  attention  an  observation  of 
Brother  Sharp's,  in  Discourse  VIII.  vol.  v. :  "As  for  our  Saviour, 
he  was  a  person  so  far  from  being  morose  or  reserved  in  his  car 
riage  or  a  lover  of  singularity ;  so  far  from  setting  up  a  way  of 
conversation  of  his  own  making,  distinct  from  the  way  he  found 
in  the  world,  that  he  was  the  most  free,  obliging,  civil,  and,  if  I 
durst  use  the  word,  I  would  say  the  most  complacent  person  that 
ever  appeared  in  the  world."  A  careful  observance  of  his  Sermon 
on  the  Mount  will  make  a  polite  man. 

Politeness  has  no  identity  with  foppery,  prudery,  pomp,  or  af 
fectation.  These  are  its  counterfeits.  The  choice  of  the  external 
signs  of  manners  is,  as  was  said  before,  a  matter  for  the  exercise  of 
individual  wisdom.  Polite  men  have  not  always  the  most  finished 
manners,  nor  are  those  who  have  the  latter  always  polite.  In 
forming  the  manners,  what  is  borrowed  from  study  or  observation 
must  be  adapted  to  the  natural  character,  or  it  will  not  set  well. 


152  A    PRACTICAL    TREATISE 

That  which  is  eminently  becoming  in  one  man  is  the  opposite  in 
another.  Manners  are  best  taught  in  childhood  and  youth,  and 
when  acquired  later,  are  rarely  perfect.  But  care  must  be  talftm 
that  the  mind  be  not  confused  by  many  rules,  nor  overwhelmed  by 
minute  observations.  Chesterfield  wrote  three  volumes  on  the 
graces  to  his  son,  and,  as  might  have  been  expected,  he  made  a 
very  awkward  booby  of  him.  To  have  the  desire  of  pleasing  al 
ways  uppermost  in  the  mind,  is  the  main  thing.  He  who  mani 
fests  a  desire  to  please,  under  all  circumstances  and  to  all  men,  is 
a  polite  man,  whatever  may  be  his  manners.  But  the  latter  are 
by  no  means  to  be  despised,  and  he  who  possesses  them  in  perfec 
tion,  or  can  attain  them,  is  a  fortunate  and  well-armed  man. 

The  Rev.  John  Todd,  in  his  work  to  students,  gives  some  hints 
for  the  cultivation  of  politeness  that  are  worthy  of  attention. 

His  first  rule  is,  that  "  Good-humor  is  essential  to  politeness" 
and  by  good-humor  he  says  he  means  "  the  habit  of  being  easily 
pleased."  It  must  arise  from  kind  feelings  within,  and  it  may  be 
an  encouragement  to  know  that  every  exercise  of  these  kind  feel 
ings  will  surely  increase  them ;  so  that  what  is  begun  as  a  duty 
will  soon  become  a  pleasure.  "  We  all  know  that  outward  expres 
sions  of  kindness  have  no  value  any  further  than  as  they  are  an 
index  of  the  feelings  within ;  but  it  is  a  kind  provision  of  Provi 
dence  that  even  the  outward  expression  of  kindness  has  a  tenden 
cy  to  cultivate  the  feelings  of  good-will." 

2.  That  the  cultivation  of  the  conscience  icill  increase  your  po 
liteness. 

"  The  very  spirit  of  the  gospel  is  that  you  love  your  neighbor 
as  yourself;  and  all  know  that  is  true  politeness  :  so  that,  when 
you  see  an  impolite  man  make  great  pretensions  to  religion,  you  give 
him  credit  for  having  probably  deceived  himself.  You  may  now  be 
able  to  think  of  a  man  who  is  notorious  for  being  wicked.  Look 
at  him,  and  see  if  he  be  not  far  from  being  a  man  of  politeness. 
Look  again,  and  see  if  his  wickedness  did  not  first  commence  at  the 
point  of  being  impolite  towards  men ;  for  impudence  towards  men 
will  almost  invariably  lead  to  disrespect  of  God,  so  that  he  who  be 
gins  by  throwing  aside  kind  and  proper  feelings  towards  his  fellows 
will  most  assuredly  end  in  despising  the  commands  of  his  Maker. 


ON   BUSINESS.  153 

The  best  way,  then,  to  become  a  man  of  politeness  is  to  begin  with 
the  heart,  to  act  on  the  principle  of  making  every  one  as  happy  as 
in  your  power,  because  you  would  have  all  others  do  so  to  you." 

3.  Cheerfulness  is  essential  to  a  polite  man. 

"  A  gloomy  melancholy  man  can  never  think  of  much  except 
himself.  He  cannot  forget  so  important  a  personage  to  attend  to 
you.  He  may  have  cause  for  all  his  bad  feelings,  sufficient  to  ex 
cuse  them  ;  but  you  cannot  count  any  of  them  as  being  very  kindly 
towards  others.  For  the  purpose  of  appearing  cheerful,  you  must 
really  feel  so ;  and  to  feel  cheerful,  you  must  be  in  good  health. 
No  one  can  feel  cheerful  with  a  severe  toothache  upon  him,  or  while 
turning  and  tossing  under  a  burning  fever.  Your  health  must  be 
good,  and  kept  good  by  a  frugal  diet,  and  a  regular  course  of  exer 
cise.  It  is  impossible  for  the  mind  to  be  cheerful,  and  the  spirits 
buoyant  without  this.  No  man  ought  to  undertake  to  pass  himself 
off  in  company,  or  expect  to  render  himself  even  tolerably  agree 
able,  for  a  single  day,  unless  he  has  prepared  himself  by  some 
suitable  exercise.  The  cheerfulness  and  buoyancy  of  a  hunting 
party  is  proverbial ;  it  is  owing  to  the  fact  that  they  are  all  taking 
an  agreeable  exercise  without  having  an  object  before  them  of 
importance  enough  to  do  any  thing  more  than  barely  excite  them. 
There  is  no  real  life  but  cheerful  life ;  therefore,  valetudinarians 
should  be  sworn,  before  they  enter  into  company,  not  to  say  a  word 
of  themselves  until  the  meeting  breaks  up." 

4.  The  cultivation  of  friendship  will  add  to  your  politeness ;  for, 
so  far  from  rendering  the  heart  selfish  by  giving  warm  affections 
to  a  few  choice   friends,  it  will  become  more  generous  towards 
others."     "He  that  has  no  one  to  love  or  to  confide  in,  has  little 
to  hope.     He  wants  the  radical  principle  of  happiness ;  and  he  who 
wants  this,  will  in  vain  strive  to  be  a  happy  man,  or  to  confer  hap 
piness  upon  others." 

The  propriety  of  dwelling  upon  this  subject  so  long  may  be  ques 
tioned,  but  its  importance  must  be  my  excuse.  Politeness  is  an 
important  agent  in  getting  money,  and,  what  is  better  still,  it  makes 
business  an  agreeable  occupation.  When  business  men  neglect  po 
liteness  towards  each  other,. the  world  will  be  a  bear-garden,  and 
business  a  treadmill.  It  is  the  life;  animation,  beauty,  poetry  of 


154  A    PRACTICAL   TREATISE 

business,  that  gives  it  all  its  flavor.  It  is  a  virtue,  too,  that  needs, 
and  will  bear  extension.  Merchants  are  polite  enough  to  customers 
who  buy  goods,  and  to  those  who  pay  money,  but  all  jar e  not  always 
polite  to  inferiors,  and  to  those  who  come  to  receive  money.  The 
man  who  cannot  bear  dunning  should  not  run  in  debt,  and  the  man 
who  is  insulting,  when  dunned,  should  feel  the  virtue  of  the  law. 
Clerks  are  polite  enough  to  their  superiors  in  power,  but  they  are  not 
always  polite  to  strangers  who  ask  them  for  information  within  their 
knowledge.  But  the  main  deficiency  in  politeness  is  found  in  what 
are  called  the  lower  and  the  higher  classes.  Professional  men  are 
rarely  polite.  They  seem  to  rely  upon  their  character  and  talents 
for  success,  and  hence  despise  the  small  courtesies  of  life.  Let  a 
stranger  go  into  their  offices,  and  ask  some  slight  information,  and 
it  is  ten  chances  to  one  that  he  will  receive  a  satisfactory  reply. 
Literary  men  are  not  always  polite.  This  may  probably  be  one  rea 
son  why  so  many  in  both  these  classes  are  as  poor  as  church  mice. 
No  station,  rank,  or  talents  can  ever  excuse  a  man  for  neglecting 
the  civilities  due  from  man  to  man.  When  Clement  XIV.  ascended 
the  papal  chair,  the  ambassadors  of  the  several  States  represented 
at  his  court  waited  on  his  holiness  with  their  congratulations."  As 
they  were  introduced  and  severally  bowed,  he  also  bowed  to  return 
the  compliment.  On  this  the  master  of  ceremonies  told  his  holi 
ness  that  he  should  not  have  returned  their  salute.  "0, 1  beg  your 
pardon,"  said  he ;  "I  have  not  been  pope  long  enough  to  forget 
good  manners." 

It  is  well  to  remember  that  the  end  of  business  is  happiness,  and 
all  that  we  gain  on  the  road  is  so  much  clear  gain.  Much  of  life 
is  necessarily  passed  in  business  pursuits,  and  all  have  an  interest 
in  making  its  transactions  as  pleasant  and  agreeable  as  possible. 

"  To  know 

That  which  before  us  lies  in  daily  life 
Is  the  prime  wisdom ;  what  is  more,  is  fume 
Or  emptiness,  or  fond  impertinence, 
And  renders  us  in  things  that  most  concern  us 
Unpractised,  unprepared." 

The  third  and  last  part  of  our  subject,  "  The  characteristics  and 
duties  of  the  merchant  or  the  true  man  of  business/'  is  treated  of 


ON    BUSINESS.  155 

in  the  following  chapter  by  the  Hon.  Horace  Greelcy,  whose  able 
essay  on  advertising,  which  we  have  given  before,  made  me  soli 
citous  to  obtain  his  views  for  the  benefit  of  my  readers,  and  who,  so 
far  as  my  experience  goes,  may  be  cited  as  a  pattern  of  the  true 
business  courtesy,  as  he  is  an  example  of  industry  and  self-cultiva 
tion.  Mr.  Greeley  may  entertain  notions  on  matters  purely  s-pecu- 
lative  with  which  we  cannot  accord,  but  none  can  deny  him  eminent 
sagacity  in  the  management  of  his  own  business,  sincerity  of  pur 
pose,  moral  uprightness,  and  a  remarkable  vigor  of  thought  and 
expression.  He  may  think  that  the  whole  machine  of  society 
should  be  taken  apart  and  remodelled,  while  we  think  it  only  needs 
some  repairs  to  work  capitally  well ;  but  this  does  not  affect  the 
value  of  his  judgment  on  the  proper  mode  of  making  the  repairs, 
if  that  is  the  course  determined  upon.  In  the  following  original 
and  excellent  850  prize  essay,  written  for  this  work,  he  has  shown 
how  men  may  make  their  business  more  successful,  and  at  the  same 
time  benefit  their  fellow  men,  and  we  solicit  for  it  a  candid  and 
attentive  perusal,  in  the  hope  that,  if  the  judgment  approves,  cor 
rect  sentiments  will  beget  correct  conduct. 


156  A   PRACTICAL   TREATISE 


CHAPTER    IX. 
GETTING  MONEY  BY  MERCHANDIZING— CONCLUDED. 

THE  TRUE   MAN    OF   BUSINESS. 

"  As  a  nail  sticketh  fast  between  the  joinings  of  the  stones, 
says  Ecclesiasticus,  "  so  doth  sin  between  buyer  and  seller/'  The 
writer  does  not  mean  to  assert  this  as  an  unvarying  fact,  but  to 
indicate  a  general  tendency.  There  is  temptation,  there  is  peril  to 
integrity,  in  the  position  and  attitude  of  a  trader;  and  this  danger 
should  be  pointed  out  so  that  it  may  be  avoided.  It  is  a  fearful 
thing  to  stand  face  to  face  with  the  fact  that,  if  I  were  only  able 
to  buy  such  a  one's  property,  or  sell  him  mine,  before  he  could 
receive  the  news  brought  from  Europe  by  the  last  steamship,  my 
fortune  would  be  made.  It  must  be  hard  for  a  merchant  to  know 
that  if  to-day's  telegraphic  dispatches  would  only  embody  the  news, 
even  though  false,  of  a  killing  frost  throughout  the  cotton-growing 
region,  or  the  conflagration  of  all  the  mercantile  quarter  of  New 
Orleans,  he  would  be  solvent  and  wealthy,  while  in  the  absence  of 
such  tidings  he  must  inevitably  suspend  payment.  Mercantile 
*  integrity  is  subjected  to  trials  of  which  the  farmer  or  artisan  lives 
and  dies  in  happy  unconsciousness — trials  none  the  less  real  that 
we  all  know  how  false  and  fleeting  is  the  success  or  deliverance 
achieved  through  wrong-doing.  For  ages,  for  centuries,  men  have 
repeated,  parrot-like,  the  axiom  that  "  Honesty  is  the  best  policy;" 
yet  how  many  profoundly  realize  its  truth  ?  How  many  really 
believe  that  a  man  in  pecuniary  difficulty  who  might  extricate 
himself  by  a  night  of  fortunate  gaming  would  be  most  unwise  in 
consenting  to  do  so  ?  It  is  so  easy  to  be  superficially  honest,  in 
the  absence  of  any  strong  temptation  to  knavery,  that  a  great 
many  who  are  ingrained  rascals  have  never  yet  suspected  the  fact. 


ON    BUSINESS.  157 

A  youth  launches  gayly  and  hopefully  on  the  sea  of  active  life, 
and  sails  smoothly  on  its  placid  bosom,  impelled  by  gentle,  favoring 
gales,  unthinking  of  peril  and  unsuspecting  the  neighborhood  of 
adversity — what  can  he  learn  from  such  a  voyage  ?  In  the  absence 
of  danger,  what  is  proved  by  his  freedom  from  fear  ?  Blest  with 
abundance  and  ease,  what  merit  is  there  in  his  refraining  from 
deception  and  robbery.  And  thus  it  chances  that  very  much 
which  passes  current  for  honesty  is  only  undeveloped  or  undetected 
knavery. 

Integrity  is  the  corner-stone  of  the  character  of  the  true  man  of  - 
business,  in  whose  absence  the  whole  edifice  topples  to  its  ruin.  It 
is  quite  possible,  nay,  it  is  notorious,  that  dishonest  men  have  ac 
quired  wealth  by  traffic ;  but  they  are  exceptions  to  the  general 
rule,  and  their  success,  hollow  and  unreal  at  best,  was  a  conse 
quence  of  some  good  quality  they  possessed,  and  not  of  their  lack 
of  the  best  quality  of  all.  If  twenty  have  succeeded  out  of  one 
hundred  merchants  who  have  traded  in  any  county,  or  in  any  par 
ticular  block  in  some  city,  at  least  fifteen  of  them  would  prove,  on 
a  careful  scrutiny,  to  have  been  more  upright  and  conscientious 
than  the  great  mass  of  their  less  fortunate  rivals.  Vainly  shall  a 
man  hope  to  live  and  thrive  by  buying  and  selling  after  his  neigh 
bors,  his  customers,  have  learned  by  sad  experience  that  his  word 
is  not  reliable — that  his  representations  of  the  cost  or  quality  of 
his  wares  are  not  to  be  trusted.  Of  two  persons  of  equal  capacity, 
who  have  been  ten  years  in  trade,  one  having  acquired  therein  only 
experience,  with  the  decided  confidence  of  his  neighbors  and  a  fail- 
circle  of  dealers  and  customers,  while  the  other  has  amassed  some 
twenty  thousand  dollars,  but  at  the  cost  of  a  reputation  for  slippe- 
riness  and  dishonesty,  the  latter  is  this  day  the  poorer  man,  as 
time  will  clearly  establish. — Nothing  is  more  common,  or  more 
fatal  than  the  grasping  of  an  advantage  at  the  cost  of  ten  times  its 
value ;  and  he  who  has  traded  out  his  neighbor's  good  opinion  is 
pretty  certain  to  die  a  poor  man,  however  high  the  price  for  which 
he  sold  it. 

But  integrity,  though  indispensable,  is  not  all-sufficient  as  a  basis, 
of  the  true  mercantile  character.  The  true  merchant  must  be  im 
pelled  to  his  vocation  by  a  conviction  that  therein  can  he  best  serve 

14 


158  A    PRACTICAL    TREATISE 

God  by  blessing  mankind.  The  merchant  is  an  intermediate,  an 
electric  wire,  a  channel  of  intercourse,  between  producers  in  differ 
ent  sections,  climes,  or  countries.  Since  it  is  certain  that  the  heat 
of  the  tropics,  germinates  and  ripens  many  useful  plants  which  could 
never  mature  under  the  skies  of  the  temperate  zone,  while  even 
the  polar  regions  contribute  many  things  to  the  sustenance  and 
comfort  of  man  which  could  not  be  advantageously  produced  else 
where,  the  honest  and  capable  exchanger  of  the  diverse  products 
of  these  varying  latitudes  is  a  common  benefactor.  Though  not 
literally  a  producer^  he  is  essentially  and  practically  so,  by  enabling 
each  customer  to  satisfy  his  legitimate  wants  more  cheaply  and 
thoroughly  than  he  otherwise  could  do,  and  thereby  inciting  to 
greater  activity  and  efficiency  in  production.  Without  commerce, 
many  who  now  earn  and  enjoy  the  material  comforts  of  civilization 
would -rest  contented  with  the  few,  rude,  and  scanty  devices  and 
satisfactions  of  barbarism.  Commerce  increases  both  the  impulses 
toward  and  facilities  for  perpetual  progress  in  the  useful  arts, 
whereof  intellectual  progress  is  the  natural  counterpart  and  con 
comitant.  The  merchant,  therefore,  whose  sole  attachment  to  his 
calling  is  a  sordid  lust  of  gain,  coupled  with  a  belief  that  he  can 
acquire  property  faster  or  easier  by  exchanging  others'  products 
than  by  directly  producing  himself,,  is  most  unlikely  to  honor  his 
vocation,  or  even  to  be  eminently  successful  in  the  ranks  of  its 
votaries. 

Assuming,  then,  that  integrity,  with  an  earnest  conviction  that 
this  is  for  him  the  path  of  duty  and  of  philanthropy,  should  form 
the  bases  of  ^he  character  and  career  of  a  true,  merchant,  let  me 
proceed  to  indicate  some  of  the  qualities  and  capabilities  for  which 
he  should  be  distinguished  : — 

I.  He  should  be  methodical  and  exact  in  his  calculations  and 
dealings.  His  promises,  however  casual  their  origin  or  trivial  their 
subject,  should  be  performed  to  the  letter,  and  he  should  insist  on 
the  like  good  faith  from  others,  under  penalty  of  never  confiding  a 
second  time  in  one  who  has  forfeited  his  word.  The  property  or 
interest  immediately  involved  may  be  of  trifling  value,  but  truth  is 
no  trifle.  '  The  merchant  should,  as  early  as  practicable,  separate 
his  customers  and  others  with  whom  he  deals  into  two  classes — 


ON    BUSINESS.  159 

those  whose  word  is  to  be  implicitly  relied  on,  and  the  other  sort — 
and  thenceforth,  treat  each  class  according  to  their  respective  merits. 
To  the  latter  he  should  say  frankly,  whenever  the  proper  opportu 
nity  presents  itself :  "  I  cannot  again  confide  in  your  word,  because 
you  have  shown  me  that  you  either  cannot  or  will  not  redeem  it. 
I  do  not  judge  you ;  but,  if  I  trust  at  all,  it  must  be  some  one  who 
fulfils  his  promises  at  whatever  inconvenience  or  sacrifice."  By 
this  course,  he  will  perpetually  and  strongly  inculcate  the  advan 
tages  of  probity  and  fidelity,  and  thus  conduce  to  their  increase 
and  diffusion. 

II.  He  should  inflexibly  set  his  face  against" any  system  of  loose, 
general  credit  on  goods  purchased  for  consumption.  Credit  is  an 
excellent,  a  most  beneficent  device ;  but,  like  most  good  things,  is 
susceptible  of  the  greatest  abuse.  A  poor  young  man,  qualified  to 
manage  a  farm  or  conduct  some  mercantile  business,  seeks  credit 
for  his  farm  or  his  stock,  and  perhaps  for  some  share  of  his  seeds 
and  implements;  though  every  man  should  earn  something  by 
working  for  others  before  running  in  debt  for  the  outfit  of  an  inde 
pendent  business.  The  merchant  who  sells  largely  may  very  well 
require  credit  for  some  part  of  his  new  stock,  if  he  has  taken  notes 
which  he  cannot  readily  turn  for  the  old  one.  But  neither  farmer, 
mechanic,  nor  any  body  else  should  run  up  bills  from  week  to  week 
for  food  and  clothing,  but  should  make  a  point  of  paying  for  his 
subsistence  as  he  may  require  it.  The  neglect  of  this  rule  is  one 
main  cause  of  the  prevalence  of  extravagance,  over-trading,  and 
general  insolvency,  frequently  resulting  in  mercantile  bankruptcy 
and  general  revulsion.  The  humble  cultivator  who  owes  for  half 
his  farm  and  cannot  turn  off  more  than  two  or  three  hundred 
dollars'  worth  of  produce  per  annum,  out  of  which  one  hundred 
dollars  must  be  paid  as  interest  on  his  debt,  is  often  tempted,  by 
the  facility  of  obtaining  credit,  to  buy  silks  and  satins  for  his  wife 
and  daughters,  broadcloth  and  fine  boots  for  his  sons,  or  allow  them 
to  buy  such  for  themselves  on  his  account,  when  he  can  by  no 
means  afford  such  expenditures.  It  is  the  duty  of  the  true  mer 
chant  to  resist  and  correct  this  tendency,  by  insisting  on  prompt 
payment  for  all  purchases  except  under  peculiar  circumstances. 
Cash  should  be  the  general  rule ;  credit  the  rare  exception.  The 


160  A    PRACTICAL   TREATISE 

poor  man  who  has  encountered  some  sudden  and  severe  calamity, 
such  as  the  burning  of  his  house  or  the  destruction  of  his  crops  by 
hurricane  or  flood,  may  very  properly  be  proffered  credit  for  a  season 
at  cash  prices ;  so  may  the  poor  widow  whose  children,  this  year  at 
school,  will  be  earning  wages  and  able  to  help  her  next  season. 
But  in  all  ordinary  cases  the  merchant,  if  only  from  a  patriotic  re 
gard  for  the  general  well-being,  should  inflexibly  refuse  to  sell  on 
credit,  since  such  selling  is,  and  ever  must  be,  to  the  uncircumspect 
majority,  a  temptation  and  facility  for  general  improvidence  and 
over-trading. — "Mr.  President,"  said  the  eccentric  John  Randolph, 
interrupting  himseTf  in  one  of  his  Senatorial  diatribes,  ll  I  have 
discovered  the  Philosopher's  Stone  ! — It  consists  of  four  short  words 
of  homely  English — '  Pay  as  you  go?  ; 

III.  On  the  same  principle  the  true  merchant  will  carefully  con 
sider,  in  selecting  his  goods,  not  merely  whether  he  can  sell  them 
at  a  profit,  but  whether  that  profit,  should  he  accept  it,  would  not 
be  made  at  the  expense  of  the  moral  and  pecuniary  welfare  of  the 
community.  He  might  seem  to  make  a  large  profit  on  alcoholic 
beverages,  implements  of  gaming,  &c. ;  but  he  knows,  in  the  first 
place,  that  he  has  no  moral  right  to  make  money  in  any  such  way ; 
and,  next,  that  all  the  devil's  gold  that  may  thus  be  realized  is  sure 
to  vanish,  like  dream-won  treasure,  even  while  the  hand  fiercely 
clutches  it.  The  merchant  who  sells  intoxicating  liquors  is  burning 
up  his  customers  for  the  little  fat  he  can  fry  out  of  them,  and 
wasting  nine-tenths  of  it  ia  the  process.  He  gets  some  twenty 
dollars  clear  profit  on  a  pipe  of  brandy,  and  uses  up,  by  selling  it> 
a  customer,  out  of  whom  he  had  made  fifty  dollars  a  year,  and  who, 
falling  into  intemperance  and  insolvency,  does  him  out  of  two  hun 
dred  dollars  or  so  charged  on  his  books.  Thus,  all  traffic  which 
panders  to  vicious  appetites  is  ruinous  to  the  legitimate  business  of 
the  dealer,  and  every  dollar  of  profit  he  secures  by  it  costs  him  ten, 
twenty,  or  thirty;  but,  even  if  such  were  not  the  fact,  he  has  no 
right  to  seek  gain  through  the  enlargement  of  Satan's  kingdom. 
The  end  of  his  mortal  existence  is  quite  other  than  that.  He  is 
here  to  do  good  and  not  evil — to  erect  barriers  to  the  spread  of  vice, 
and  not  to  facilitate  and  profit  by  its  diffusion.  He  may,  indeed, 
have  a  good  opportunity  to  secure  gain  in  this  way ;  but  to  argue 


ON   BUSINESS.  161 

thence  that  he  has  a  right  to  do  so,  is  to  sanctify  the  treachery  of 
Judas,  uud  proclaim  his  earning  of  the  thirty  pieces  a  "  fair  busi 
ness  transaction/' 

IV.  But  the  merchant's  virtue  should  be  not  merely  negative 
and  obstructive — it  should  be  positively  and  actively  beneficent. 
He  should  uso  the  opportunities  afforded  by  his  vocation  to  foster 
agricultural  and  mechanical  improvement,  to  advance  the  cause  of 
education,  and  diffuse  the  principles  not  only  of  virtue  but  of  refine 
ment  and  correct  taste.  He  should  be  continually  on  the  watch  for 
whatever  seems  calculated  to  instruct,  ennoble,  refine,  dignify,  and 
benefit  the  community  in  which  he  lives.  He  should  be  an  early 
and  generous  pairon  of  useful  inventions  and  discoveries,  so  far  as 
his  position  and  means  will  permit.  He  should  be  a  regular  pur 
chaser  of  new  aLd  rare  books,  such  as  the  majority  will  not  buy, 
yet  ought  to  re^d,  with  a  view  to  the  widest  dissemination  of  the 
truths  they  unfold.  If  located  in  the  country,  he  should  never 
visit  the  city  to  replenish  his  stock  without  endeavoring  to  bring 
back  something  that  will  afford  valuable  suggestions  to  his  customers 
and  neighbors.  If  these  are  in  good  part  farmers,  and  no  store  in 
the  vicinity  is  devoted  especially  to  this  department,  he  should  be 
careful  to  keep  a  supply  of  the  best  ploughs  and  other  implements 
of  farming,  as  well  as  of  the  choicest  seeds,  cuttings,  &c.,  and  of 
those  fertilizing  substances  best  adapted  to  the  soil  of  his  township, 
or  most  advantageously  transported  thither ;  and  these  he  should 
be  very  willing  to  sell  at  cost,  especially  to  the  poor  or  the  penurious, 
in  order  to  encourage  their  general  acceptance  and  use.  Though  he 
make  no  profit  directly  on  the  sale  of  these,  he  is  indirectly  but 
substantially  benefited  by  whatsoever  shall  increase  the-  annual  pro- 
duction  of  his  township,  and  thus  the  ability  of  his  customers  to  pur 
chase  and  consume  his  goods.  The  merchant  whose  customers  and 
neighbors  are  enabled  to  turn  off  three,  five,  seven  or  nine  hundred 
dollars'  worth  of  produce  per  annum  from  farms  which  formerly 
yielded  but  one  or  two  hundred  dollars'  worth  beyond  the  direct 
consumption  of  their  occupants,  is  in  the  true  and  safe  road  to 
competence  and  wealth  if  he  knows  how  to  manage  his  business. 
Every  wild  wood  or  waste  morass  rendered  arable  and  fruitful, 
every  field  made  to  grow  fifty  bushels  of  grain  per  acre  where  but 

14* 


162  A    PRACTICAL    TREATISE 

fifteen  or  twenty  were  formerly  realized,  is  a  new  tributary  to  the 
stream  of  his  trade,  and  so  clearly  conducive  to  his  prosperity. 

V.  For  a  higher  reason  than  this,  but  not  therefore  in  ignorance 
of  the  fact,  he  should  be  a  steadfast  and  liberal  patron  of  religious 
instruction  and  worship,  of  intellectual  culture  and  discipline,  of 
temperance,  of  agricultural  societies,  and  mechanics'  associations, 
and  whatever  sensibly  conduces  either  to  diffuse  and  strengthen 
morality,  or  to  ennoble   and  increase  industry.     A  community 
wherein  God  is  not  obeyed,  and  labor  is  not  respected,  must  seem, 
to  any  reflecting  man,  a  very  undesirable  place  for  the  training  of 
his  children.     There  life  can  rarely  be  tranquil  and  happy ;  there 
property  can  hardly  be  secure  j  there  the  sweets  of  peace  and  con 
tentment  can  scarcely  be  enjoyed  through  a  series  of  years.  If  it  were 
possible  for  the  atheist  or  the  sensualist  to  be  truly  wise,  he  would 
labor  to  inculcate  and  diffuse  the  great  fundamental  truths  of  reli 
gion  and  morality,  if  from  no  higher  motive  than  a  selfish  regard 
for  his  own  ease  and  safety.     Nations,  states,  and  smaller  commu 
nities  subsist  by  faith  and  virtue,  and  perish  through  the  disinte 
grating  influences  of  -sensuality  and  vice.    That  community  which 
has  cast  off  all  faith  in  the  invisible  and  everlasting,  and  cut  down 
its  creed  to  a  mere  recognition  of  the  material  and  the  palpable — • 
which  realizes  only  that  sugar  is  sweet,  that  fire  will  burn,  and  that 
"  ginger  is  hot  i'  the  mouth" — is  on  the  broad  highway  to  destruc 
tion,  however  dazzling  its  present  outward  show  of  prosperity. 

VI.  The  true  merchant  will  be  a  liberal  but  discriminating  sup 
porter  of  the  press  in  his  locality.     He  will  not  feel  an  obligation 
to  patronize  any  and  every  thing  that  wears  the  form  of  a  news 
paper,  but  will  scan  carefully  the  intellectual  ability  and  moral  fit 
ness  of  those  who  assume-  the  lofty  responsibility  of  public  teach 
ing  through  the  press.     He  will  not  encourage  the  dissemination 
nor  continuance  of  journals  edited  by  the  incompetent  or  unworthy; 
but  if  there  be  none  other  than  these  already  in  existence  in  his 
county,  he  will  combine  with  men  like  himself  to  procure  the 
establishment  of  such  a  journal  as  is  needed,  or  the  transfer  of  one 
already  existing  into  the  hands  of  some  one  qualified  to  guide  opin 
ion  and  dispel  mental  darkness.     Such  a  journal  he  will  liberally 
and  steadily  encourage  and  support  by  advertising  in  its  columns  at 


ON    BUSINESS.  16J 

good  prices,  by  urging  upon  other  business  men  the  duty  of  doing 
likewise,  and  by  soliciting  his  customers  and  neighbors  to  give  it 
at  least  their  subscriptions,  regularly  continued  and  uniformly 'paid 
in  advance.  By  pursuing  this  course,  the  merchant  may  do  very 
much  toward  the  diffusion  of  intelligence,  the  predominance  of  sound 
principles,  and  the  purification  of  morals.  He  need  not  be  a 
political  brawler  nor  habitual  agitator  on  any  subject — there  is  a 
more  excellent  way.  He  may  give  to  an  approved  and  influential 
journal  in  his  county  from  two  to  five  hundred  dollars'  worth  of 
advertising  per  annum,  and  procure  from  others  by  the  power  of 
his  solicitations  and  example,  five  times  as  much  more  ;  while  each 
name  added  to  the  list  of  its  subscribers  extends  the  publicity  of 
his  announcements  and  their  potency  in  enlarging  his  business. 
Thus  will  he  exert  a  noiseless,  uninterrnitted  influence  in  diminish 
ing  the  kingdom  of  darkness,  extending  the  sway  of  virtue,  and 
layiag  deep  and  broad  the  foundations  of  general  and  personal 
prosperity. 

VII.  The  true  merchant  will  not  be  likely  to  forget  that  his  es 
sential  function  is  that  of  an  exchanger  of  products,  and  not  merely 
that  of  a  seller.  In  great  cities  and  at  certain  commercial  points, 
this  function  is  properly  subdivided,  not  merely  between  buyers  of 
produce  and  sellers  of  goods,  but  usually  between  many  different 
classes  of  sellers  and  buyers ;  dry-goods,  groceries,  paints,  meats, 
breadstuff's,  &c.,  &c.,  being  severally  bought  and  sold  by  dealers  in 
each  particular  department.  It  is  otherwise,  however,  throughout 
a  good  part  of  the  country,  where,  from  the  necessity  of  the  case, 
the  same  person  is  both  buyer  and  seller,  and  deals  in  nearly  every 
variety  of  product  exported,  or  fabric  required  by  the  people  of  his 
neighborhood.  Here  the  merchant  should  be  not  more  solicitous 
to  sell  goods  than  to  enable  his  customers  readily  to  pay  for  them ; 
to  which  end  he  should  zealously  promote  every  effort  by  feasible 
means  to  increase  their  facilities  of  communication  with  the  sea 
board,  and  to  bring  markets  for  their  products  nearer  to  their  doors 
by  there  calling  into  existence  new  branches  of  industry,  and  build 
ing  up  or  reviving  manufactures.  No  wise  merchant  will  fear  that 
his  trade  will  suffer  by  this  diversification  of  pursuits ;  for  abundant 
experience  has  demonstrated  that  they  buy  most  from  abroad  who 


164  A    PRACTICAL   TREATISE 

produce  most  and  in  greatest  variety  at  liome.  Thus,  Massachu 
setts  consumes  far  more  (in  value)  of  foreign  products  per  annum 
than  North  Carolina  or  Tennessee,  because  the  wide  extension  of 
her  manufactures  has  rendered  her  industry  far  more  universal, 
and  has,  by  largely  increasing  her  aggregate  of  production,  corres 
pondingly  increased  her  power  of  purchase  and  consumption.  Whe 
ther  by  reducing  the.  expense  of  reaching  a  distant  market,  or  by 
bringing  a  market  for  their  surplus  productions  much  nearer,  the 
merchant  who  conduces  to  the  essential  advantage  of  his  neigh 
bors,  his  customers,  ministers  thereby  to  his  own  thrift  and  solid 
prosperity. 

These  suggestions  might  be  indefinitely  extended,  but  enough 
has  been  said  to  show  that  the  mercantile  is  properly  a  beneficent 
and  liberalizing  vocation,  and  the  merchant's  true  interests  are 
deeply  inwoven  with  those  of  the  community  from  which  he  draws 
his  sustenance.  The  sordid  trader  may  narrow  and  degrade  his 
vocation  into  that  of  a  mere  money-getter — a  shave — a  cormorant ; 
but,  if  so,  he  does  violence  to  its  nature  and  wrong  to  its  high- 
minded  devotees.  If  each  merchant  would  but  realize  what  is  the 
true  spirit,  what  are  the  essential  requirements,  what  the  beneficent 
capabilities,  of  his  calling,  he  could  scarcely  fail  to  live  worthily 
and  usefully,  and  transmit  an  honored  name  to  his  children.  May 
the  time  speedily  arrrive  when  none  but  the  true  merchant  can  find 
customers  whereby  to  live,  and  when  the  knavish,  the  unprincipled, 
the  rapacious,  the  vicious,  shall  be  driven  into  employments  where 
their  moral  defects,  if  not  thoroughly  remedied,  shall  be  less  widely 
influential  and  less  glaringly  pernicious  !  That  such  a  time  will 
come,  the  steady  diffusion  of  knowledge,  the  prevalence  of  observa 
tion  and  reflection,  render  all  but  inevitable. 


ON    BUSINESS. 


CHAPTER  X. 
HOW  TO  GET  RICH  BY  SPECULATION.* 

THE  attributes  which  constitute  greatness  in  men  are  bestowed 
reluctantly  on  individuals.  A  good  poet  is  the  pet  of  an  age  ]  a 
great  general  is  the  marvel  of  a  century ;  and  a  profound  speculator 
a  rarer  gift  than  either.  Every  science  has  its  laws ;  and  when 
we  neglect  laws,  we  are  in  ignorance.  Empiricism  disappears,  and 
quackery  takes  flight  when  we  discover  the  law  of  a  phenomenon. 
The  laws  of  speculation  are  not  well  understood ;  indeed,  they  may 
in  part  be  considered  not  well  established.  Let  us  attempt  the 
labor  of  laying  down  the  necessary  rules  which  ought  to  govern 
this  great  art. 

And  here  in  the  outset  we  apprise  the  reader  that,  inasmuch  as 
one  man's  wisdom  or  experience  would  be  a  very  insufficient  guide 
in  this  great  search  for  truth,  which  has  a  big  bag  of  money  at  the 
end,  we  have  not  undertaken  to  rely  on  our  own  acquired  skill  in 
money-making,  but  have  made  free  with  the  knowledge  of  others. 
The  principles,  the  facts,  the  maxims,  and  the  judgments  which 
we  design  to  set  forth  are  partly  original  and  partly  compiled. 
Few  men  have  written  books  without  saying  something  wise  on 
the  subject  of  money-getting.  What  we  have  learned  from  divers 
sources  respecting  this  matter  may  be  reduced  to  the  following 
heads : — 

In  the  first*  place,  be  it  observed  that  successful  speculation  is 
not  in  general  mere  luck,  like  that  of  Lord  Timothy  Dexter,  of 
Newburyport,  when  he  sent  the  cargo  of  warming-pans  to  the  West 
Indies,  for,  notwithstanding  this  instance  of  fortunate  miscalculation, 
Dexter  commonly  based  his  speculations  upon  good  calculation  and 

*  By  a  Merchant  of  Boston. 


166  A    PRACTICAL    TREATISE 

foresight.  Ignorant  as  he  was  of  geography,  and  domestic  life  in 
the  tropics,  he  had  a  knowledge  of  human,  nature,  and  a  shrewd 
instinct  in  money  matters.  He  studied  and  calculated  •  and  a  fool 
who  proceeds  by  study  and  calculation  will  do  better  than  a  wise 
man  who  tries  to  do  without  them. 

In  the  second  place,  it  must  not  be  forgotten  that  there  is  a  wide 
and  essential  difference  between  speculation  and  trade,  two  things 
which  are  very  apt  to  be  confounded  together  in  theory  and  prac 
tice.  It  is  true  that  trade  and  speculation  meet  in  State  street, 
but  they  have  in  them  nothing  in  common  ]  and  although  the  ob 
ject  of  each  is  a  California  at  home,  they  search  for  its  discovery 
by  totally  different  roads.  The  trader,  properly  speaking,  has  no 
thing  to  do  with  business  but  to  stick  to  it ;  and  as  every  business 
must  pay,  and  all  sorts  of  business  in  the  long  run  are  equally 
profitable,  small  gains,  carefully  accumulated,  in  time  realize  a 
fortune.  You  are  surprised  that  many  men  fail  in  business;  but 
be  assured  that  the  fault  was  in  the  bankrupt,  not  in  the  business. 
Trade  of  necessity  must  pay  ;  and,  in  the  long  run,  the  gains 
must  exceed  the  losses,  otherwise  there  could  be  no  trade. 

Reflect  on  this  fact  a  moment,  and  then  proceed  to  the  discovery, 
among  the  retailers  in  Hanover  street,  that  traders  who  know  their 
business  are  unaffected  by  change  in  prices  ;  they  lose  on  their 
goods  when  prices  fall,  but  they  gain  when  prices  rise.  fl  Put 
that  against  that,"  and  if  your  bookkeeping  be  correct,  one  in  the 
course  of  time  balances  the  other. 

The  speculator  is  a  very  different  person.  Like  the  last  new 
comet,  he  acknowledges  a  law  of  his  own.  He  Joes  concern  him 
self  in  the  rise  and  fall  of  prices,  for  they  deeply  concern  him. 
The  trader  depends  on  customers ;  the  speculator  has  none.  The 
trader  depends  upon  small  but  regular  gains ;  the  speculator  looks 
to  sudden  and  eccentric  enrichment.  The  world  is  his  market. 

No  doubt  speculation  is  a  lottery,  but  so  is  going  to  California 
Since  the  suppression  of  lotteries  in  Massachusetts,  mercantile 
speculation,  daring,  dashing,  hazardous,  break-neck  adventures, 
have  greatly  increased,  not  only  in  actual  amount,  but  proportion 
ally  in  comparison  with  regular  trade.  The  fact  is  there  is  a  cer 
tain  quantum  of  the  spirit  of  wild,  and  eager,  and  hazardous 


ON    BUSINESS.  167 

adventure  ever  in  the  community,  and  it  will  seek  exercise  and 
gratification  in  some  form  or  other.  People  who  bought  lottery- 
pickets  thirty  years  ago,  now  buy  "  fancy  stock"  in  railroads, 
bales  of  cotton,  bags  of  coffee,  or  the  promises  of  such  things — 
go  to  bed  and  dream  of  castles  in  the  air — the  same  as  formerly. 
Then,  they  paid  five  dollars  for  a  chance — now,  five  thousand. 

Men,  therefore,  will  speculate ;  though  to  the  uninitiated,  specu 
lation  has  all  the  risk  of  lottery  dealing.  We  will  attempt  for  this 
reason  to  initiate  those  who  are  bent  on  this  course  of  adventure. 

Three  things  are  essential  to  a  successful  speculator — time,  capi 
tal  and  courage  ;  and  these  are  of  little  avail  without  judgment. 
All  speculation  has  reference  to  a  future,  in  which  the  question  of 
time  is  involved.  Results  are  never  immediate.  Capital — every 
body  knows  nothing  can  be  clone  without  that ;  and  if  a  man  wants 
courage,  let  him  draw  a  handcart,  sell  friction-matches  about  the 
streets,  get  in  coal,  shovel  snow,  clean  boots,  or  sit  in  his  chimney 
corner,  and  wish  he  had  an  office  under  the  government :  he  will 
never  make  a  speculator ;  for  he  ought  to  be  large  of  faith — a  be 
liever  in  things  not  seen.  Activity  is  essential  to  trade  ]  patience 
in  speculation.  Nothing  is  to  be  done  when  nothing  is  to  be  gained 
— a  maxim  which,  from  the  obvious  cause  of  the  necessity  of  keep 
ing  customers,  cannot  always  be  followed  in  trade.  Watchful  ever, 
must  we  here  "  bide  our  time,"  the  proper  time  for  buying,  the  pro 
per  time  for  selling  ;  although,  no  doubt,  it  is  equally  necessary  to 
strike,  to  act  decisively,  when  that  time  arrives.  That,  in  fact, 
nothing  be  done,  when  nothing  should  be  done,  is,  in  the  present 
instance  at  least,  not  so  easy  to  a  mercantile  man  as  may  be  ima 
gined  ',  for  a  man  of  business  must  always  be  doing,  whether  at  a 
profit  or  a  loss,  while  the  periods  between  the  buying  and  the  sell 
ing  point,  or  one  speculation  and  another,  are  necessarily  long, 
dreary  intervals  of  idleness,  which  afford  no  room  for  the  exercise 
of  the  faculties.  He  is,  therefore,  apt  to  take  a  narrow,  peddling 
view  of  things,  so  different  from  the  qualities  required  in  the  moi  i 
abstracted  if  not  higher  calling  here  taken  into  view. 

The  time  for  entering  on  trade  is  when  things  are  at  their  worst, 
and  that  is  not  a  bad  time  to  enter  on  speculation ;  you  may  trade 
in  any  thing  or  every  thing,  but  you  can  speculate  only  in  a  few 


168  A    PRACTICAL   TREATISE 

things.  You  should  not  speculate  in  axe-handles,  wooden  bowls, 
hoop-poles,  shoe-pegs,  washing-machines,  or  mouse-traps,  because 
countrymen  and  mechanics  can  make  them  to  order  in  any  quan 
tity  when  they  are  wanted. 

This  law  applies  to  all  manufactures,  except  in  reference  to  the 
raw  material ;  and  raw  material  admits  of  speculation  only  when 
it  is  affected  by  the  season.  The  proper  objects  of  speculation  are, 
therefore,  agricultural  produce  of  most  kinds,  flour,  cotton,  sugar, 
coffee,  tea,  &c.,  which  amply  suffice  the  speculator'to  make  a  for 
tune  or  to  lose  one. 

As  you  wish  to  make  a  fortune,  take  the  necessary  means ; 
study  statistics,  and  attend  to  great  political  and  commercial  chan 
ges.  Take  a  commodity  and  find  out  the  average  price  of  years, 
excluding  from  consideration  extreme  cases,  and  when  the  price 
has  fallen  below  the  average  of  years,  buy.  Thus,  let  us  suppose 
that  this  commodity  is  flour,  that  there  has  been  a  great  crop  of 
wheat,  or  that  the  price  has  fallen  below  the  average,  or,  in  other 
words,  it  has  become  cheap ;  if  the  harvest  after  all  be  bad,  you 
gain ;  if  otherwise,  it  does  not  follow  that  you  are  to  lose ;  sell, 
and  replace  your  old  stock  by  a  new  one. 

If  the  depreciation  continue,  it  might  perhaps  be  well  in  some 
cases  for  a  person  to  become  a  dealer  in  the  article  till  a  bad  crop 
or  under-production  takes  place.  In  this  way  it  will  be  observed 
that  he  is  always  to  have  the  same  stock  or  quantity  on  hand, 
which  he  may  have,  if  not  entirely,  for  nearly  the  same  money  ; 
and  when  a  bad  crop  or  under-production  takes  place,  his  specula 
tion  being  now  ripe,  he  is  immediately  to  sell  out. 

An  Englishman  of  some  celebrity  used  to  say  that  the  first  of 
his  ancestors,  of  any  note,  was  a  baker  and  dealer  in  hops,  who,  on 
one  occasion,  to  procure  a  sum  of  money,  robbed  his  feather-beds 
of  their  contents,  and  supplied  the  deficiency  with  unsalable  hops. 
In  a  few  years  a  severe  blight  universally  prevailed,  hops  became 
very  scarce,  and  enormously  dear  ;  the  hoarded  treasure  was  ripped 
out,  and  a  good  sum  procured  for  hops,  which,  in  a  plentiful  sea 
son,  would  not  have  been  salable  j  and  thus,  said  he,  a  our  family 
hopped  from  obscurity."  Hops  are  said  to  fail,  on  an  average, 
every  five  years — a  hint  to  speculators.  The  rule  laid  down  in 
reference  to  flour,  applies  equally  well  to  cotton,  but — take  care  of 


ON    BUSINESS.  169 

your  statistics.  Distrust  the  Carolina  and  Georgia  newspapers. 
Long  as  we  have  lived,  we  do  not  remember  a  season  without  a  dis- 
inal  story  that  the  "  cotton  crop  had  entirely  failed  at  the  South." 

There  are  two  qualities  which  principally  fit  any  commodity  for 
speculation :  first,  frequency  in  the  change  of  its  price,  and, 
secondly,  the  extent  of  that  change ;  it  being  obvious  that  altera 
tion — a  full  as  well  as  a  rise — is  necessary  to  the  purpose  of  the 
speculator,  and  the  extreme  of  prices  is  that  which  he  will  chiefly 
look  to,  or  in  which  he  will  seek  his  gain. 

Of  the  two,  trade  and  speculation,  which  is  superior — which  the 
inferior,  we  apprehend  there  cannot  be  a  doubt.  Speculation,  is, 
in  truth,  a  mere  exception  in  business,  arising  out  of  the  derange 
ments  of  trade,  or  impossibility  of  adjusting  the  supply  to  the 
demand ;  yet  so  far  useful  to,  or  coming  in  aid  of  trade,  as  it  has 
a  tendency  to  produce  readjustment '}  to  prevent  extremes  in  price, 
as  well  that  which  is  ruinously  low  as  that  which  is  excessive,  to 
prevent  dearth  and  famine.  For,  if  a  person  buys  when  prices 
are  low,  this  has  a  tendency  to  raise  price ;  as  when  he  brings  out 
a  store,  and  sells  when  prices  are  high,  it  has  to  lower  it. 

Trade  is  steady  and  uniform,  and  can  be  carried  on  at  all  times; 
speculation,  on  the  other  hand,  only  occasionally,  or  when  oppor 
tunity  offers.  There  is,  therefore,  a  peculiar  certainty  which  be 
longs  to  the  former,  which  does  not  belong  to  the  latter;  and  this 
certainty  is  the  certainty  of  employment,  or  the  scope  for  it.  The 
time  also  required  to  mature  a  speculation  is  not  to  be  forgotten, 
during  which  it  may  be  conceived  money  will  often  be  made  in 
the  regular  course  of  trade.  As  in  mechanics,  so  in  speculation, 
what  we  gain  in  force  we  lose  in  time.  Yet  without  doubt,  occa 
sionally,  very  large  sums  are  made  by  opportunities  which  it  Ac 
quires  but  a  very  ordinary  share  of  sagacity  to  foresee  and  take 
advantage  of.  Such,  however,  is  the  variety  of  productions  afforded 
by  commerce,  or  brought  into  demand  by  the  necessities  and  luxu 
ries  of  man,  and  the  complex  state  of  things  thereby  occasioned, 
that  when  an  object  of  speculation  is  dismissed,  or  fails,  a  wide 
field  exists  in  which  to  look  out  for  another,  there  is,  in  fact,  al 
ways  something  which  is  plentiful  or  scarce,  that  is,  at  a  price 
below  or  above  the  average — namely,  grain,  or  a  particular  species 

15 


170  A    PRACTICAL   TREATISE 

of  grain,  cotton,  hemp,  flax,  wool,  leather,  oils  of  various  kinds — 
whale,  palm,  olive,  seal,  sperm,  cod,  whalebone,  rice,  sugar,  coffee, 
tallow,  tar,  turpentine,  saltpetre,  indigo,  &c.  ;  so  that  a  person 
may,  at  any  given  or  particular  time,  have  an  opportunity  of  laying 
the  foundation  of  a  speculation  by  purchase,  or  of  finishing  it  by 
sale ;  if  not  the  one,  at  least  the  other ;  and  the  state  of  things 
which  fits  for  the  one  is  just  as  necessary  as  that  which  fits  for  the 
other.  Thus  may  irregularity  be  converted  into  regularity,  and 
that  which  is  in  its  nature  occasional  made  permanent,  or  the 
subject  of  a  continued  mode  of  operation,  or  one  speculation  be 
uniformly  succeeded  by  another. 

There  is  likewise  another  consideration  which  occurs  here.  In 
general,  it  requires  considerable  time  to  mature  a  single  specula 
tion,  and  bring  it  to  a  successful  termination.  Now,  if  a  person 
embark  his  whole  disposable  means  in  any  one  article,  he  is  in 
that  case  not  only  obliged  to  wait  the  issue  of  this  one  adventure, 
according  to  the  fortune  of  the  article,  but  is  during  the  time 
precluded  from  having  any  thing  to  do  with  any  other,  whatever 
advantages  it  may  offer.  Therefore,  if  a  person  be  inclined  to  make 
speculation  a  business,  it  would  seem  best  to  invest  only  a  part  of 
his  capital  in  any  one  commodity,  so  as  to  have  many  speculations 
afloat  at  the  same  time,  different  in  their  stages,  some,  if  possible, 
always  commencing,  and  others  falling  in,  or  terminating.  By 
these  means  it  may  be  brought  more  nearly  to  the  nature  and  con 
dition  of  a  regular  trade,  in  which  not  only  is  a  person's  whole 
capital  with  some  certainty  engaged,  but  an  average  established, 
rendering  it  more  uniform  and  safe.  And  so  considered,  it  matters 
not  to  a  speculator  whether  things  rise  or  fall.  When  they  fall 
he  is  to  buy,  when  they  rise  he  is  to  sell.  His  only  difficulty  is 
when  they  stand  still.  Nor  is  this  to  be  confounded  with  whole 
sale  trade  strictly  understood,  which  is  a  different  thing,  and  con 
sists  in  supplying  set  customers  for  a  regular  profit.  But  how  do 
you  know  when  commodities  are  highest  or  lowest  ? — when  they 
begin  to  rise  or  fall  ?  Shall  this  be  your  guide  ?  Not  without 
careful  reference  to  elaborate  statistics — the  lowest  and  highest 
averages.  When  prices  are  high,  of  course  there  is  a  great  demand, 
and  business  is  brisk  :  when  prices  are  low,  there  is  little  demand, 


ON    BUSINESS.  171 

and  business  is  dull.  Hence  the  temptation  in  the  one  case,  and 
the  discouragement  in  the  other.  Therefore,  to  be  a  good  merchant 
or  speculator,  as  to  be  a  good  general,  nerve  is  necessary :  and  the 
one  as  well  as  the  other  must  often  act  in  the  face  of  appearances. 
He  must  believe,  contrary  to  what  the  fabulous  first  inhabitants  of 
the  earth  are  reported  to  have  done,  that  the  sun  will  rise  again 
after  it  has  set.  Nay,  we  should  say  a  good  merchant  must  always 
act  contrary  to  appearances,  at  least  to  what  appears  to  the  gener 
ality  of  mankind.  He  must  buy  when  no  other  person  will  buy ; 
sell  when  no  other  person  will  sell ;  although  certainly,  if  properly 
considered,  it  is  most  consistent  with  reason  to  buy  when  things 
arc  low ;  to  sell  when  they  are  high. 

The  rule,  therefore,  generally  is  (the  temptation  being  apparent) 
to  speculate  in  high  prices ;  that  is,  to  buy  when  things  are  high, 
in  the  expectation  of  their  rising  still  higher.  In  this,  indeed, 
there  may  often  be  much  gain,  but  there  is  always  great  risk. 
Therefore,  to  be  safe,  the  articles  must  be  got  rid  of  immediately — 
that  is,  soon — whether  at  a  gain  or  at  a  loss  ;  if  at  a  loss,  to  save  a 
greater.  And  the  last  holder,  in  cases  of  this  kind,  be  it  ob 
served,  is  always  a  dnpe.  The  conduct  described  is,  indeed  a 
common  one,  by  which  we  find  many  ruin  themselves,  and  often 
throw  away  the  fruits  of  a  long  life  of  industry  by  a  single  false 
step. 

Is  there  any  danger  of  letting  people  into  these  secrets  ?  None 
whatever ;  for,  as  Spurzheim  said,  men  are  so  stupid  there  is  no 
fear  of  their  ever  becoming  wise.  He,  it  is  said,  who  has  the 
folly  of  mankind  for  an  inheritance,  has  a  plentiful  estate.  The 
great  object  of  speculation,  indeed,  being  to  substitute  sagacity  for 
toil,  to  enable  men  to  live  by  their  wits  instead  of  their  labor,  the 
sole  efficiency  of  the  first-mentioned  quality  in  one  class  refers 
exactly  to  the  want  of  it  in  another. 

An  American  trading-vessel,  after  interloping  at  a  port  in  Japan, 
and  making  the  most  of  her  time,  was  ordered  off,  as  usual,  by  the 
government.  The  Japanese  official  said  to  the  captain  :  "  You  must 
never  come  here  again ;  but  when  you  do,  be  sure  to  bring  some 
more  of  that  fine  broadcloth."  So  we  say  to  all  and  singular,  who 
shall  read  the  above  :  "  Never  speculate;  but  when  you  do,  be  sure 
to  mind  our  rules/' 


172  A    PRACTICAL    TREATISE 


CHAPTER  XL 
GETTING  MONEY— CONTINUED. 

INTEREST — BANKING PRIVATE   BANKING. 

INTEREST  is  the  sum  paid  by  the  borrower  of  a  sum  of  money, 
to  the  lender,  for  its  use.  The  rate  of  interest  is  dependent  on  the 
security  of  the  principal,  and  the  rate  of  profit  which  may  be  made 
by  the  employment  of  capital  in  industrial  pursuits.  No  person 
would  lend  money,  on  personal  security  of  a  doubtful  character,  at 
the  same  rate  of  interest  as  on  a  good  mortgage ;  and  where  profits 
in  ordinary  business  are  high,  interest  is  also  high.  The  same  laws 
that  regulate  the  price  of  commodities,  or  the  rates  of  insurance, 
govern  the  charges  for  the  use  of  money. 

The  rate  of  interest  is,  in  fact,  the  net  profit  on  capital.  What 
ever  returns  are  obtained  by  the  borrower,  beyond  the  interest  he 
has  agreed  to  pay,  really  accrue  to  him  on  account  of  risk,  trouble, 
or  skill,  or  of  advantages  of  situation  and  connection.  This  being 
so,  it  is  not  difficult  to  perceive  that  interest  is  the  most  certain 
way  of  getting  money  that  can  be  named.  The  men  who,  to-day, 
receive  the  interest  of  a  portion  of  the  capital  of  the  country,  will, 
eventually,  if  they  pursue  the  same  mode  of  investment,  own  the 
whole  property  of  the  country.  The  young  man,  twenty-five  years 
of  age,  who  invests  a  capital  of  $10,000  on  mortgaged  security,  and 
reinvests  the  interest,  annually,  in  the  same  way,  at  ten  per  cent, 
per  annum,  which  illegal  in  the  State  of  Ohio  and  some  of  the 
other  States,  will  be  worth  over  $100,000  at  the  age  of  "fifty,  with 
out  calculating  any  thing  that  he  might  save  from  the  labor  of  his 
head  or  hands,  over  and  above  what  is  necessary  for  his  livelihood* 

*  Those  who  are  looking  through  this  book  for  secrets  in  money-getting, 
may  make  a  note  of  this.  The  diligent  searcher  will  find  several  others. 


ON    BUSINESS.  173 

This  will  be  the  net  profit  of  capital ;  while  those  who  borrow  the 
money  with  a  view  of  making  larger  profits,  by  assuming  risks,  will, 
most  probably,  at  the  same  age,  find  themselves  in  a  worse  con 
dition,  pecuniarily,  than  when  they  commenced.  Interest  upon 
money,  and  the  producing  or  manufacture  of  articles  necessary  in 
civilized  life,  are  the  only  ways  of  making  money  that  would  not 
be  rendered  more  secure  by  a  guarantee. 

Inasmuch,  then,  as  interest  is  a  sure  mode  of  accumulating  mo 
ney,  while  the  profits  of  industrious  undertakings  are  uncertain,  it 
is  a  matter  of  the  first  importance  to  a  business  community  that 
the  rates  of  interest  should  be  kept  down.  To  this  end,  govern 
ments  have  passed  laws  fixing  certain  rates  of  loans,  which  it  is 
deemed  legal  to  charge,  and  illegal  to  exceed.  It  is  now  consider 
ed,  by  an  immense  number  of  intelligent  men,  that  these  laws  have 
failed  in  their  aim;  that  their  effect  is  to  increase,  not  diminish,  the 
rate  of  interest;  that  they  deter  the  timid  from  lending  when  the 
market  rate  is  higher  than  the  legal,  while  the  bold  disregard  them, 
and  charge  proportionally  for  the  risk ;  that  they  are  necessarily 
evaded  by  circuitous  devices,  and  thus  encourage  a  feeling  of  disre 
spect  for  law;  that  they  are  a  violation  of  the  fundamental  maxim 
that  trade  prospers  best  when  untrammelled  by  legislative  enact 
ments,  and  therefore  should  be  repealed.  The  repeal  of  the  usury 
laws  is  a  matter  of  experiment ;  the  result  can  now  be  only  conjec 
tural.  If  the  effect  would  be  to  lower  the  rate  of  interest,  and  pre 
vent  those  ruinous  fluctuations,  by  increasing  the  number  of  lenders, 
inclines  of  scarcity,  they  should  be  repealed  ;  and  the  arguments 
that  have  been  adduced  by  able  men  in  England  and  America, 
for  many  years,  are  sufficiently  strong  to  justify  the  experiment. 
The  first  usury  law,  which  was  passed  in  England  -in  1554,  had  for 
its  object,  not  to  prohibit  the  lender  from  charging  interest  beyond 
a  certain  sum,  but  to  authorize  him  to  charge  ten  per  cent.  Pre 
vious  to  that,  it  was  considered  unjust  to  charge  interest  at  all. 
Aristotle  argued  that,  as  money  could  not  produce  money,  no  return 
could  be  equitably  claimed  by  the  lender.  This  prejudice  is  still 
supported  by  law  in  Mohammedan  countries.  Calvin  was  one  of 
the  first  who  saw  and  exposed  the  fallacy  of  such  notions;  asBen- 
tham  was  one  of  the  first  who  exposed  the  inefficaey  of  the  usury 

15* 


174  A    PRACTICAL    TREATISE 

laws.  Subsequent  English  statutes  reduced  the  rate,  first  to  eight 
per  cent.,  and  then  to  five  per  cent.  In  1833,  the  British  parlia 
ment  abolished  the  usury  law  in  respect  to  mercantile  paper,  for  a 
certain  period  of  time,  and  a  recent  act  continued  the  exemption 
until  the  1st  of  January,  1856.* 

*  Extract  from  a  letter  written  by  the  author  to  a  friend  on  the  usury  laws : 
"  Antiquity  of  a  usage  is  no  proof  of  its  justice.  People  frequently  acquiesce 
in  established  evils,  and  console  themselves  by  thinking  they  could  not  be 
otherwise.  An  emperor  of  Japan  thought  he  would  have  died  of  laughter  on 
hearing  that  the  Dutch  had  no  king.  The  Iroquois  could  not  conceive  how 
wars  could  be  carried  on  with  success,  if  prisoners  were  not  to  be  burnt. 
The  Roman  law  allowed  creditors  to  cut  their  insolvent  debtors  into  pieces  ; 
the  Scotch  placed  them  in  a  pillory;  the  English  imprison  them  in  jail;  all 
of  which  they  thought  right,  and  we  think  wrong. 

"  The  repeal  of  the  usury  laws  is  a  simple  matter  of  policy.  Principle 
has  nothing  to  do  with  it.  If  it  is  once  admitted  that  interest  may  be  taken 
at  all,  a  uniform  unvarying  rate  of  interest  can  never  be  justly  established. 
High  and  low  interest  are  relative  terms — what  may  be  high  at  one  place 
would  be  low  at  another.  There  are  hundreds  of  men  in  the  Western  States 
worth  their  thousands,  who  would  be  penniless  to-day  had  they  not  been 
able  to  borrow  money,  some  dozen  years  ago,  at  twenty-five  per  cent. — 
'  Squatters'  have  frequently  paid  a  higher  rate,  and  done  wisely  by  so  doing. 
They  select  their  location ;  capitalists  attend  the  land  sales ;  buy  their 
claims;  give  them  bonds  for  deeds  on  payment  of  double  the  amount  in 
from  two  to  four  years.  This  is  a  customary  mode  of  proceeding,  and  it  is 
one  way  of  evading  the  usury  laws.  Many  of  these  tracts  are  now  worth, 
in  their  wild  state,  from  $50  to  $80  per  acre.  Interest  on  borrowed  money 
is  generally  the  cheapest  form  of  credit.  Every  body  knows  that  goods^an 
be  bought  in  the  Eastern  cities  at  from  ten  to  fifteen  per  cent,  lower  for 
cash,  than  upon  a  credit  of  six  months.  The  buyer,  with  the  cash  in  his 
pocket,  has  also  the  range  of  the  market,  which  is  no  mean  advantage. 
"Whence  did  legislators  get  their  wisdom  to  know  what  interest  all  men, 
under  all  circumstances,  could  afford  to  pay  ? 

"It  has  been  said  that  several  of  the  new  States  tried  a  repeal  of  their 
usury  laws,  and  were  compelled  to  re-enact  them.  The  trial  was  not  a  fair 
one;  the  time  of  repeal  was  too  short.  The  attention  of  capitalists  had  not 
been  specially  directed  that  way.  In  Indiana,  interested  men  took  occasion 
to  ascribe  the  ruin  of  the  '  speculating  times'  to  the  repeal  of  the  usury 
laws,  when,  it  was  really  the  principal  and  not  the  interest  that  ruined  men : 
and,  in  Wisconsin,  the  time  of  the  repeal  was  very  short.  To  my  personal 
knowledge,  just  before  these  laws  were  re-enacted,  a  number  of  capitalists 


ON    BUSINESS.  175 

The  lender  and  borrower  do  not,  under  the  present  system,  meet 
each  other  face  to  face.  A  dealer  in  money,  usually  called  a  banker, 
acts  as  an  intermediate  party.  He  borrows  of  one  f>arty,  and  lends 
to  another;  and  the  difference  between  the  terms  at  which  he  bor 
rows  and  those  at  which  he  lends  is  the  source  of  his  profit. 
Banks  are  of  two  kinds ;  public  and  private.  A  public  bank  is 
that  in  which  there  are  numerous  partners  or  stockholders,  and 
they  elect  from  their  body  a  certain  number  as  managers  or  direct 
ors.  A  private  bank  is  that  in  which  there  are  but  few  partners ; 
and  these  attend  personally  to  its  management.  The  banks  of  the 
United  States  are  generally  public  or  joint-stock  banks.  In  so  far 
as  they  facilitate  loans,  drawing  into  active  operation  small  sums  of 
money,  and  accommodating  those  who  are  in  need  of  additional 


were  arranging  plans  to  invest  over  a  million  of  dollars  in  that  State,  on 
terms  equally  as  beneficial  to  the  borrower  as  to  the  lender.  The  experi 
ment  of  repeal  should  be  fairly  tried,  especially  in  the  Western  States;  and 
I  believe  millions  of  dollars  would  flow  in  from  Europe  and  the  East;  rates 
would  be  comparatively  high  at  first,  as  they  now  are  exorbitant,  and  then 
gradually  sink  to  a  general  level. 

*.*,»»,»#,-:-» 

"  But,  banks  of  circulation,  I  think,  should  be  restricted  in  their  charges. 
They  create  money,  and  can  monopolize  money.  They  are  endowed  by  the 
legislature  with  a  species  of  money-manufacturing  privileges,  which  the  con 
stitution  has  placed  in  the  hands  of  government  alone.  This  high  preroga 
tive  is  justified  solely  on  the  ground  of  public  benefit.  Their  ostensible 
object  is  not  to  make  profit  for  themselves,  but  to  facilitate  the  trade  of  the 
community.  Petitioners  for  a  bank  charter  do  not  openly  solicit  legislative 
interference  in  behalf  of  themselves  or  their  friends.  This  would  not  look 
patriotic.  Public  good  is  the  plea.  A  clear  distinction  should,  therefore, 
be  made  between  incorporated  banks  and  individuals.  Deriving  their  sole 
existence  from  law,  partaking  of  the  delegated  powers  of  government,  law 
should  direct  their  mode  of  management,  nature  of  business,  and  amount 
of  profits.  A  rigid  regard  to  the  public  good  seems  to  require  that  they  should 
exchange  their  notes  for  the  notes  of  individuals,  under  careful  regulations, 
charging  a  difference  merely  sufficient  to  pay  the  expenses  of  management, 
md,  perhaps,  that  average  of  losses,  which  will  accrue  under  the  best  ma 
nagement,  and  directors  should  be  paid  for  attending  to  the  wants  of  the 
community.  At  all  events,  the  extent  of  their  powers  should  be  distinctly 
defined." 


176  A    PRACTICAL    TREATISE 

capital  to  carry  on  their  transactions,  they  are  eminently  useful; 
but  to  this  is  added  a  dangerous  feature.  They  are  incorporated  by 
the  legislature, -with  power  to  issue  bills  which  shall  circulate  as 
money,  and  with  limited  liability.  While  there  is  not  enough  me 
tallic  money  in  a  country  to  facilitate  exchanges,  or  it  is  too  un 
wieldy  to  be  generally  serviceable,  paper  money  of  some  kind 
seems  desirable ;  but  the  creation  of  this  paper  money  is  a  privi 
lege  too  solemn  to  be  delegated  to  unofficial  and  irresponsible  indi 
viduals.  The  benefits  and  evils  of  the  American  Banking  System, 
however,  are  a  field  too  extensive  to  enter  upon ;  and  as  it  has  been 
made  a  political  question,  it  is  necessarily  excluded  from  consider 
ation,  in  accordance  with  our  original  plan. — Taking  things  as  they 
are,  all  that  we  propose  doing  is  to  instruct  the  uninitiated  in  a 
few  of  the  ways  by  which  money  has  been  and  can  be  made.  In 
doing  so,  we  will  notice  the  speculative  ways  first,  and  the  honor 
able  mode  afterwards. 

The  first  step  with  bank  speculators  is  to  apply  to  the  legislature 
for  a  charter  for  a  bank ;  say  with  a  nominal  capital  of  $100, 000, 
divided  into  a  thousand  shares  of  $100  each.  It  is  provided  in  the 
charter  that,  as  soon  as  a  certain  sum  shall  be  paid  on  each  share, 
the  bank  shall  commence  operations.  The  payment  of  the  other 
instalments  is  left  to  the  discretion  of  the  directors.  The  specu 
lators  themselves  subscribe  for  the  whole  of  the  stock,  and  pay  the 
first  instalment,  say  $5,  on  each  share ;  and  the  bank  commences 
business,  and  issues  notes  perhaps  to  five  times  the  amount  of  capi 
tal  paid  in.  The  notes  are  then  borrowed  by  the  speculators,  and, 
being  current  as  money,  they  are  used  in  their  private  speculations. 
The  interest  which  they  pay  as  borrowers,  they  receive  back  again 
as  stockholders ;  and  thus  they  have  a  great  advantage  over  their 
neighbors.  The  other  instalments  are  arranged  by  the  discounting 
of  stock-notes,  and  the  payments  are  merely  nominal.  This  is  the 
first  way  of  making  money  by  bank  speculations.  It  is  not  gene 
rally  practised ;  but  it  has  been  and  can  be  done. 

The  second  way  to  make  money  is  to  manage  the  bank  so  that  it 
will  declare  a  large  dividend  the  first  year.  If  it  declares  a  divi 
dend  of  ten  per  cent.,  the  stock  will  be  worth  in  the  market  $150 
a  share.  The  speculators  will  then  sell  the  largest  portion  of  their 


ON   BUSINESS.  177 

stock  at  this  rate  to  parties  who  will  not  interfere  with  the  bank 
management,  and  invest  the  proceeds  in  substantial  property, 
retaining  enough,  however,  to  keep  the  control  of  the  institution 
in  their  own  hands. 

Another  mode  of  getting  money  is  to  act  the  part  of  the  syren  in 
the  fable ;  to  tempt  men  of  an  ambitious  disposition  by  the  proffer 
of  loans  to  extend  their  operations  far  beyond  their  capital  and  the 
bounds  of  prudence;  and  at  the  very  time  when  further  assistance 
is  most  needed,  to  shut  down  on  them — draw  the  reins — plunge 
them  in  bankruptcy  while  the  managers  of  the  game,  or  their 
agents,  buy  up  the  valuable  pieces  of  the  wreck  for  a  song,  and 
hold  for  a  rise. 

Another  way  is  to  refuse  discounts  of  unexceptionable  paper  at 
their  banking  office  at  legal  rates,  and  buy  up  the  same  paper, 
through  brokers  or  agents,  at  two,  three,  and  four  per  cent,  a 
month.  As  corporations  have  "  neither  bodies  to  be  kicked  nor 
souls  to  be  damned,"  there  seems  to  be  no  present  nor  future  dan 
ger  of  punishment. 

Another  way  of  making  money  through  the  medium  of  incorpo 
rated  paper-money  banks  is  to  deal  in  government  stocks.  Voltaire 
gives  us  some  insight  into  this  in  one  of  his  letters  from  Ferney,  in 
Switzerland.  "  Here  I  am,"  he  says,  "  living  in  a  way  suited  to 
my  habits,  and  caring  but  little  for  to-morrow:  for  I  have  a  friend, 
a  director  in  the  Bank  of  France,  who  writes  to  me  whenever 
money  is  to  be  made  in  the  public  funds.  Sometimes  he  writes  to 
me  desiring  me  to  sell,  because  the  bank  is  going  to  withdraw  its 
notes.  At  other  times  he  bids  me  to  buy ;  for  we  are  going  to  issue 
a  quantity  of  notes  ;  and  so,  through  the  kindness  of  my  friend,  I 
always  make  money,  though  living  two  hundred  miles  from  Paris." 

The  honorable,  safe,  legitimate  mode  of  making  money  by  public 
banking  is  to  discount  business  paper  to  the  extent  of  the  capital 
and  the  average  balance  of  deposits;  equalizing  loans  among  the 
community,  and  looking  rather  to  the  moral  character  of  the  par 
ties  applying,  and  their  reputation  for  prudence,  than  to  the  extent 
of  their  business  or  the  amount  of  their  property. 

Private  banks  are  more  in  accordance  with  the  spirit  of  the  age 
and  republican  institutions,  than  public  banks.  It  is  certainly  the 


178  A   PRACTICAL   TREATISE 

opposite  of  that  rapidity  which  characterizes  the  business  move 
ments  of  the  age  to  have  discounts  only  once  or  twice  a  week  ;  and 
wait  perhaps  two  days  for  an  answer  to  an  application.  It  is  cer 
tainly  a  serious  drawback  to  the  full  realization  of  republican  sove 
reignty  to  be  compelled  to  court  the  favor  and  influence  of  some 
half  dozen  directors  of  an  overgrown  moneyed  institution  in  order 
to  obtain  a  loan.  Private  banks  are  free  from  these  objections. 
They  discount  every  hour  of  the  day  when  they  discount  at  all ; 
and  an  answer  to  an  application  may  be  had  in  five  minutes.  In 
dealing  with  a  private  banker,  the  applicant  deals  as  with  a  private 
trader,  to  whom  it  is  of  as  much  importance  to  lend,  as  it  is  to  him 
self  to  borrow.  The  extent  of  their  business  depends  in  a  degree 
on  the  disposition  they  manifest  to  accommodate  their  customers. 
They  are  responsible  in  the  whole  amount  of  their  fortunes ;  their 
whole  faculties  are  exerted  in  the  management  of  their  business; 
and  this  is  the  only  way  that  any  business  can  be  well  conducted. 
An  able  writer  has  remarked ;  "  All  the  cities  of  Europe  have 
furnished  eminent  examples  of  the  power  and  usefulness  of  private 
capitalists.  Unlike  banking  associations,  they  combine  immense 
power  in  the  person  of  a  single  far-seeing  and  capacious  mind, 
which  is  the  centre  of  a  large  circle  of  mercantile  operations,  operat 
ing  around  and  depending  upon  it.  While  it  restrains  them  from 
pushing  too  fast  in  times  of  confidence  and  prosperity,  it  puts  out 
the  hand  and  supports  them  in  the  hour  of  adversity.  It  was  a 
remarkable  fact  on  the  occasion  of  a  political  revolution  and  change 
of  government  in  Paris,  with  the  presence  of  a  foreign  army,  that 
very  few  failures  occurred  among  the  mercantile  classes;  because 
the  private  capitalists,  understanding  perfectly  the  nature  of  the 
crisis,  instead  of  partaking  in  a  common  panic,  and  rushing  head 
long  to  ruin,  as  is  always  the  case  under  such  circumstances  with 
corporate  institutions,  extended  liberally  and  freely  their  aid  to  all 
their  customers,  carrying  them  through  their  obligations  as  they 
matured,  until  the  return  of  the  political  calm ;  when  business,  re 
viving,  brought  back  their  means  with  safety  and  profit  to  all 
parties.  The  prevalence  of  banking  corporations  in  this  country 
iias  hitherto  stifled  the  growth  of  this  class  of  citizens,  who  are  em 
phatically  the  pillars  of  the  State.  They  form  the  only  resource  of 


ON    BUSINESS.  179 

the  government,  in  furnishing  forth  its  armies  to  beat  back  the  in 
vading  enemy,  and  in  supplying  revenues  which  perish  with  the 
cessation  of  commerce.  At  such  times  paper  banks  are  crushed 
with  the  weight  that  leans  on  them.  Of  late  years  public  banking 
has  been  going  out  of  favor,  and  individual  genius  and  enterprise 
are  rapidly  assuming  its  position.  The  public  are  already,  in  cheap 
exchanges  and  superior  facilities,  experiencing  the  superiority  of 
individual  over  corporate  bankers." 

In  London,  private  bankers  do,  probably,  the  largest-  portion  of 
the  banking  business  of  that  immense  metropolis.  Th^y  discount 
bills,  receive  deposits,  and,  in  some  cases,  allow  interest  on  deposits. 
In  Scotland,  it  is  customary  to  receive  upon  interest  even  small 
sums,  and  also  allow  interest  on  the  balance  of  a  running  account. 
In  our  Eastern  cities,  private  banking  is  not  known  as  a  distinct 
profession,  and  broking  and  stock-jobbing  by  no  means  compensate 
for  the  want  of  it.  In  the  western  States,  the  business  of  private 
banking  flourishes  to  a  considerable  extent.  A  deficiency  of  bank 
ing  capital,  and  the  demands  of  commerce  called  it  into  existence, 
and  the  competition  among  borrowers  for  money  has  made  it  the 
most  certain,  and  perhaps  the  most  profitable  business  of  the  West. 

In  Cincinnati,  of  late  years,  private  banks  are  a  marked  feature. 
The  capital  of  the  public  banks  of  the  sixth  city  of  the  Union  is 
little  more  than  one  and  a  half  millions  of  dollars,  and  their  notes, 
as  well  as  gold  and  silver,  are  at  a  premium,  and  of  course  rarely 
seen.  It  is  easy  to  ^perceive  that  this  is  a  mere  "  plum"  for  the 
directors  and  their  friends,  with  a  slice  for  the  pork  merchants. 
Traders,  manufacturers,  and  mechanics,  keep  their  accounts  with 
private  bankers,  partly  from  necessity,  and  partly  from  preference. 
The  latter  usually  allow  an  interest  of  six  per  cent,  on  current  de 
posits,  and  on  special  agreement  a  higher  rate  is  sometimes  given. 
The  rates  of  discount  vary  from  one  to  four  per  cent,  a  month ;  the 
average  rates  in  respectable  institutions  are  about  one  and  a  quar 
ter  or  one  and  a  half  per  cent,  a  month.  It  is  customary  with  sev 
eral  of  the  private  banks  to  make  temporary  loans  to  their  custom 
ers,  on  individual  security,  without  requiring  indorsers.  This  is  a 
good  plan ;  and  we  believe  that  the  general  establishment  of  pri 
vate  banks  will  essentially  modify  the  inconvenient  and  dangerous 


180  A    PRACTICAL   TREATISE 

system  of  indorsation,  now  made  necessary  by  the  demands  and 
regulations  of  incorporated  banks. 

Private  banking  is  a  business  that  should  receive  the  considera 
tion  and  examination  of  capitalists.  Those  who  are  about  investing 
large  capitals  in  merchandising  would  do  well  to  give  it  their 
attention.  The  business  is  more  profitable,  in  the  long  run,  than 
merchandising,  and  far  more  certain.  It  is  yet  in  its  infancy  in 
the  United  States,  and  there  is  room  for  the  profitable  use  and 
employment  of  millions  of  dollars.  In  the  West,  fortunes  can 
rapidly  be  made  in  the  business ;  and,  ia  the  Eastern  cities,  I  am 
satisfied  that  the  establishment  of  private  institutions  doing  a 
regular  banking  business,  and  perhaps  allowing  a  certain  interest 
on  deposits,  would  meet  with  ample  encouragement.  There  are 
many  men  of  large  property  who  are  absolutely  sick  of  the  present 
system,  and  there  are  hundreds  who  would  cheerfully  stand  a 
larger  interest  than  ordinary  bank  rates,  to  be  sure  of  discounts  at 
fair  rates  at  all  times  when  they  have  good  paper  to  offer.  The 
principles  of  safe  banking  are  now  pretty  well  understood  by  those 
who  desire  to  understand  them ;  and,  with  prudent  management, 
the  business  is  a  sure  one. 

T.  S.  Goodman  &  Co.,  of  Cincinnati,  stand  at  the  head  of  their 
profession.  It  is,  I  think,  the  oldest  established  house  in  that 
city,  and  has  always  maintained  the  deserved  respect  and  confidence 
of  the  community.  Possessing  a  solid  capital,  and  without  the 
ambition  to  do  a  larger  business  than  prudence  will  warrant,  or  the 
avarice  to  accumulate  wealth  rapidly  by  extortionate  charges,  they 
have  gradually  increased  their  business  and  their  wealth.  Like 
the  Rothschilds,  it  is  a  family  concern.  The  senior  partner  is  a 
gentleman  of  the  old  school,  and  eminently  possesses  those  qualities 
of  courtesy  and  firmness  which  constitute  a  good  banker.  The 
wonderful  growth  of  that  wonderful  city,  its  rapidly  increasing 
wealth,  and  their  own  established  reputation,  open  before  them  a 
brilliant  destiny. 


ON    BUSINESS.  181 


CHAPTER   XII. 

GETTING   MONEY  BY  INVENTIONS— PATENT  MEDICINES, 

ETC. 

"  IT  will  be  perceived  that  the  number  of  patents,  compared  with  the 
number  of  applications,  is  as  three  to  four,  nearly.  I  have  had  occa 
sion  to  remark,  in  previous  reports,  that  the  number  of  patents  can 
not  increase  in  proportion  to  the  number  of  applications.  The 
field  of  invention,  in  many  of  its  departments,  is  limited,  and  every 
year  must  necessarily  circumscribe  it  still  more  narrowly,  leaving  little 
to  be  invented  except  what  has  been  invented  previously.  Although 
many  inventors  are  familiar  with  what  has  been  done  in  those  branches 
of  the  arts  to  which  their  attention  has  been  directed,  yet  the  number 
of  those  not  thus  informed  is  very  great;  and  as  the  field  becomes 
more  and  more  occupied,  this  latter  class  can  do  little  else  than  invent 
what  has  been  previously  known,  and  their  exertion  and  sacrifice  must 
finally  end  in  bitter  disappointment.  The  spirit  of  invention,  although 
laudable  in  the  highest  degree,  appears  to  be  stimulated,  in  many  cases, 
bej'ond  a  healthy  action ;  and  many  are  wasting  their  time  and  substance 
in  attempts  to  improve  branches  of  the  arts,  with  which,  in  their  full 
extent,  they  are  unfamiliar,  and,  in  so  doing,  produce  what  has  long 
since  been  exploded,  or  is  already  in  extensive  use.  As  many  patentees 
have  been  eminently  successful,  and  as  a  happy  hit  has  sometimes 
brought  wealth  and  distinction,  multitudes  are  induced  to  follow  the  ex 
ample  of  their  inventive  predecessors,  and  ultimately  to  find  themselves 
less  fortunate,  if  not  less  capable,  than  those  whom  they  attempted  to 
rival.  The  evils  arising  from  a  want  of  information  can  never  be,  in  any 
considerable  degree,  removed.  Something  can  and  should  be  done  for 
the  dissemination  of  knowledge  ;  but  knowledge  sufficiently  comprehen 
sive  and  minute  to  guard  against  the  reproduction  of  things  old,  and 
guide  uniformly,  or  generally,  to  that  which  is  new  and  useful,  has  never 
been  possessed  by  inventors  as  a  class,  and  never  can  be  possessed  except 
by  comparatively  few."— Patent  Office  Rep.,  1849—50. 

DISCOVERIES  in  science,  aud  inventions  in  the  arts,  are  scarcely 
.*  16 


182  A   PRACTICAL   TREATISE 

within  our  province.  They  have,  however,  yielded  large  fortunes 
to  a  few,  are  prosecuted  with  ardor  by  many,  and  are  looked  up  to 
by  all  as  the  safety-valve  when  the  pressure  of  competition  in  regu 
lar  trade  becomes  too  great.  But  they  are  exceptions  to  business 
rather  than  business  itself,  and  should  be  regarded  as  such  by  all 
who  have  a  disposition  for  experiment.  It  is  exceedingly  impru 
dent  for  any  one  to  employ,  in  invention,  any  other  than  his  leisure 
time,  without  interference  with  his  regular  pursuits ;  or  to  use, 
in  experiments,  any  other  than  his  surplus  money,  no  matter  how 
important  the  results  promise  to  be,  in  the  event  of  success.  The 
risks  are  too  great.  Not  one  in  a  thousand  proves  profitable  to 
the  inventor,  and  many  a  noble  bark  has  stranded  on  this  rock. 

When  a  new  field  of  invention  has  been  opened  by  any  one,  it 
becomes  a  common  centre  into  which  hundreds  and  thousands 
throng,  "  some  to  improve  on  the  original,  and  others  to  pirate  and 
rob  the  originator  of  his  just  earnings."  Improvements,  too,  suc 
ceed  each  other  with  such  rapidity  that  one  has  not  time  to  be 
fairly  tested  before  it  is  superseded  by  another ;  and  thus  all  fail, 
or  perhaps  that  which  has  least  merit,  but  the  most  capital  to  ad 
vance  it,  triumphs  in  the  end.  Nothing  is  more  despicable  than 
this  disposition  for  trifling  improvements,  with  a  view  of  making 
money  at  the  expense  of  the  original  inventor.  A  man  who  de 
sires  fame  or  money  should  remember  that  true  genius  disdains  to 
sail  with  the  crowd  in  quest  of  trifling  improvements.  "  True 
genius  is  rather  ambitious  to  bring  up  pearls  of  its  own,  than  so 
licitous  to  polish  those  of  other  men/'  The  field  of  original  in 
vention — of  wants,  and  of  agencies  to  supply  those  wants — is  by 
no  means  exhausted.  In  taste,  we  want  a  drink  a  little  stronger 
than  water,  and  less  expensive  and  injurious  than  wine.  In  agri 
culture,  we  want  a  machine  that  will  combine  the  uses  of  the  plough, 
harrow,  and  clod-pulverizer  in  one,  leaving  the  ground  loose  and 
free  to  the  genial  action  of  the  air,  which  the  present  instrument 
does  not.  In  navigation,  we  want  increased  speed  in  our  sailing 
vessels  and  ocean  steamers  In  the  world  at  large,  we  want  a  mo 
tive  power  that  will  be  as  effectual  and  as  powerful  as  steam,  or 
more  so,  without  requiring  such  costly,  weighty,  and  cumbersome 
machinery  to  use  it.  The  world  is  full  of  wants,  which  genius  may 


ON    BUSINESS.  183 

reap  a  rich  reward  in  supplying ;  and  in  the  warehouse  of  nature 
there  are  mighty  agencies  sleeping,  which  at  the  touch  of  that  arch- 
magician's  wand,  will  leap  forth  living  and  obedient  things.  "  He 
who  would  gain  fame  as  an  inventor  must  pry  into  the  secrets  of 
nature,  and  imitate  her  operations.  It  is  the  perfection  of  inven 
tion  to  imitate  nature,  the  maturity  of  science  and  art  to  tread  in 
her  steps." 

We  have  quoted  the  extract,  at  the  commencement  of  this  chap 
ter,  from  a  report  made  by  an  experienced  officer  of  the  patent  de 
partment,  as  a  word  of  warning,  that  those  who  are  wasting  their 
time  and  substance,  and  neglecting  their  business,  in  trifling  expe 
riments,  may  pause  and  reflect.  It  is  impossible,  in  ordinary  cases, 
for  a  man  to  tell  whether  his  idea  has  not  been  thought  of,  again 
and  again,  and  found  impracticable  ;  and  to  gain  the  necessary  in 
formation,  even  if  possible,  would  require  an  expenditure  of  time 
that  would  be  more  costly  than  an  application  for  a  patent.  The 
study  is  more  intricate  than  the  study  of  the  law.  This,  however, 
is  another  case  in  which  warning  is  useless.  Invention  is  a  passion, 
and  when  indulged,  becomes  a  master-passion.  When,  therefore, 
the  disease  becomes  chronic,  it  is  almost  incurable,  and  the  best 
that  can  be  done  is  to  apply  cooling  ointments,  and  let  it  take  its 
course.  Go  on,  then,  thou  second  Fulton  !  Invent  some  new  im 
provement  in  stoves,  or  churns,  or  washing-boards,  or  chicken-coops. 
These  are  necessary  articles,  and  the  world  wants  the  best.  It  has 
its  eyes  intensely  fixed  upon  you;  they  glisten  with  joy  when 
your  countenance  gives  signs  of  hope,  and  sink  in  despair  when 
your  face  is  dejected.  It  may  be  that  you  will  obtain  a  patent,  and 
it  may  be  that  it  will  pay  its  cost.  If  it  does,  invest  the  surplus 
in  lottery  tickets,  and  you  may  make  two  fortunes. 

Akin  to  inventions,  without  partaking  of  any  originality,  is  the 
patent  medicine  business.  Like  the  former,  the  success  of*  a  few 
has  excited  the  cupidity  of  the  many.  Men  of  all  classes  pronounce 
a  eulogium  on  the  "  pill  business."  Mechanics  contrast  it  with 
the  results  of  their  labor;  the  clerk  sighs  for  a  medical  secret;  the 
"  regular"  foams  at  the  mouth ;  and  even  the  merchant  has  an 
idea  that  it  is  a  "  mighty  profitable  thing." 

Quackery  is  as  old  as  the  profession  of  which  it  is  the  offshoot, 


184  A    PRACTICAL    TREATISE 

and  will  last  as  long.  Paracelsus,  who  flourished  in  the  sixteenth 
century,  is  regarded  as  the  prince  of  quacks.  The  magistrates  of 
Basle  engaged  him,  at  a  high  salary,  to  fill  the  chair  at  their  medi 
cal  university.  At  his  first  lecture  he  burned  the  works  of  Galen 
and  Avicenna,  and  asserted  that  there  was  more  knowledge  in  his 
cap  than  in  the  heads  of  all  the  physicians,  and  more  experience 
in  his  beard,  than  in  all  the  universities.  Great  and  learned  men 
were  among  his  patients ;  and  the  noted  Erasmus  consulted  him. 
He  boasted  that  he  had  discovered  a  panacea  which  would  cure  all 
diseases  at  once,  and  even  prolong  life  indefinitely;  but,  unfortu 
nately  for  his  reputation,  he  died  at  the  early  age  of  forty-eight, 
after  a  few  hours  illness,  with  a  bottle  of  his  panacea  in  his  pocket. 
We  would,  however,  by  no  means  assert  that  all  prepared  remedies 
are  valueless.  Those  that  pretend  to  owe  their  virtues  to  great  dis 
coveries  in  medical  science  ;  the  universal  remedies  or  "  cure-alls," 
and  those  which  require  improbable  stories  to  bolster  them  up,  are 
all  probably  valueless.  There  are  few,  if  any  specific  remedies. 
Iodine  has  been  regarded  as  a  specific  for  scrofula ;  but  it  will  not 
hold  good  in  all  cases.  There  is  only  one  specific  preventive  known, 
and  that  is  vaccination  for  smallpox.  But  many  of  the  remedies 
are  simply  prepared  prescriptions,  in  daily  use  by  the  profession, 
and  these  are  salutary.  Few  that  are  valuable  contain  any  thing 
new.  Patent  medicines  are  principally  designed  for  country  con 
sumption.  The  idea  is  a  good  one,  though  the  mode  of  manage 
ment  is  wrong.  It  is  certainly  policy  for  every  family,  where  an 
apothecary  is  not  immediately  at  hand,  to  have  a  medicine-chest  of 
simple  remedies  for  simple  diseases.  To  make  this  selection  wisely, 
requires  some  knowledge  and  judgment ;  and  all  remedies  which 
pretend  to  too  much,  or  which  are  advertised  too  largely,  should  be 
avoided.  All  powerful  medicines  should  only  be  administered  by 
the  profession. 

We  think  it  would  be  well  for  medical  practitioners  to  abate  a 
little  in  their  dignity,  in  regard  to  prepared  prescriptions.  There 
can  be  nothing  wrong  in  keeping  common  prescriptions  prepared 
beforehand,  or  even  putting  them  into  circulation ;  and  certainly 
there  is  nothing  wrong  in  fairly  advertising  them,  for,  when  an  article 
is  good,  the  public  should  know  it.  A  set  of  remedies,  agreed  upon 


ON    BUSINESS.  185 

by  a  college  of  physicians,  and  certified  by  them  as  safe,  and  ordi 
narily  used  for  certain  simple  diseases,  would  probably  do  away  with 
all  others,  and  prevent  imposition.  It  would  be  a  benefit  to  the 
public ;  and  as  patent  medicines  are  now  used  where  their  remedies 
would  then  be  used,  it  would  not  be  injurious  to  the  profession. 

Dr.  Rush  was  once  asked,  What  per  cent,  had  been  added  to 
human  life  by  the  art  of  medical  practitioners.  He  answered,  that 
it  depended  upon  whether  old  women  are  to  be  included  in  the  list 
— if  not,  the  addition  would  be  much  less.  The  same  may  proba 
bly  be  said  of  patent  medicines. 

As  a  pursuit  the  patent  medicine  business  is  not  more  success 
ful  nor  profitable,  on  an  average,  than  any  other.  A  few  men,  of 
distinguished  tact,  like  Dr.  Wright,  of  Philadelphia,  proprietor  of 
Wright's  Indian  Vegetable  Pills,  have  met  with  deserved  success : 
and  a  few  others,  with  more  boldness  than  skill,  have  drawn  splen 
did  prizes ;  but  the  majority  of  those  who  undertake  the  business 
without  sufficient  capital  or  calculation,  suffer  the  usual  penalties  of 
reckless  speculation.  A  writer  in  the  Tribune,  some  time  since, 
expressed  what  we  regard  as  correct  sentiments  on  the  subject. 
"  It  is  much  overdone,  even  to  an  extent  beyond  almost  any  other. 
A  few  having  realized  a  fortune,  hundreds,  thousands,  have  rushed 
into  it,  and  lost  the  little  means  which  they  expected  would  so 
rapidly  accumulate.  It  is  an  uncommonly  flattering  business  con 
sidering  alone  the  actual  cost  of  the  stock ;  hence  thousands  have 
been  rashly  invested  in  the  manufacture  and  distribution  of  reme 
dies  without  counting  the  tremendous  cost  of  popularity :  and  it  is 
obvious  that,  unless  large  sales  are  made,  ruin  will  follow  :  so  that, 
by  a  safe  calculation,  it  is  believed  ninety  in  every  hundred  fail, 
who  undertake  the  business.  The  manner  of  doing  this  remarkable 
business  is  invariably  to  manufacture  large  quantities,  and  esta 
blish  agencies  in  every  part  of  the  country;  it  being  almost  without 
exception  a  commission  business,  and  this  is  the  only  means  of  ex 
tending  it.  Of  course,  without  a  very  large  capital,  nothing  of 
late  years  can  be  done  to  compete  with  the  already  established  re 
medies.  Townsend  labored  two  years,  and  accomplished  nothing. 
Finally,  Mr.  Clapp,  of  Albany,  who  is  wealthy,  joined  him,  in 
vesting  ample  means ;  since  which  the  sarsaparilla  era  soon 

16* 


186  A    PRACTICAL    TREATISE 

reached  its  zenith.  But,  as  every  thing  must  have  its  day,  it  is 
rapidly  declining. 

"  Many  have  been  deluded  into  the  belief  that  f  to  come  out 
largely'  would  bring  customers  from  the  four  parts  of  the  country, 
and  have  soon  run  out  every  dollar  paying  advertisements ;  then 
they  fill  the  papers  with  '  wants'  like  this  :  'Wanted,  $1000,  with 
a  partner  to  engage  in  a  business  in  which  $5000  can  be  made  in 
a  month/  &c.,  &c.  Despairing  of  ever  obtaining  a  livelihood  by 
such  precarious  means,  they  either  go  to  work  at  something  useful, 
or  engage  in  a  more  desperate  eifort  to  humbug  the  sick. 

"Nor  is  it  now  a  simple  matter  to  introduce  a  new  curative,  as 
besides  the  various  popular  nostrums,  hundreds  of  respectable 
physicians  in  all  parts  of  the  country  (and  small  druggists),  see 
ing  such  a  demand  for  patent  medicines,  and  knowing  that  if  they 
did  not,  others  would  sell,  have  made  up  (  cure-alls/  and  distri 
buted  them  in  their  vicinity ;  but,  as  they  do  not  understand  the 
business,  and  have  but  little  capital,  half  of  them  resume  their 
legitimate  profession.  When  Dr.  Brandreth  began,  a  medicine 
could  more  easily  work  its  way  to  fame  with  less  means,  as  compe 
tition  was  not  so  strong  as  to  keep  it  back  ;  but  even  then  without 
skill  none  could  succeed. 

"  As  a  body  there  is  equal  talent  engaged  in  the  business  to  any 
other.  It  is  noticed  that  medicines  which  are  most  extensively 
advertised  by  fulsome  laudations,  as  rapidly  decline  as  they  go 
up  ;  the  proprietors  thinking,  if  they  make  money  at  all,  they 
will  do  it  soon.  Others,  who  have  confidence  in  the  intrinsic 
value  of  their  remedies,  pursue  a  different  course,  fearing  that 
great  excitement  and  exaggeration  will  impair  the  confidence  of 
the  public,  and  shorten  their  popularity. 

"  We  copy  the  following  from  a  late  number  of  a  medical 
paper : — 

"  '  When  a  physician  so  far  forgets  the  feelings  of  humanity  that 
should  always  predominate  in  his  practice,  and  uses  his  profession 
as  a  cloak  to  amass  a  fortune,  he  generally  accomplishes  his  object 
like  Dr.  Morrison,  of  London,  the  inventor  of  the  (  Hygeian  Pills/ 
These  pills  were  put  up  in  packages  of  three  boxes  each,  numbered 
one,  two,  and  three,  and  to  be  taken  in  regular  order ;  holding  out 


ON   BUSINESS.  187 

the  impression  that  they  contained  three  different  kinds  of  medi 
cine.  These  pills  became  at  one  time  quite  popular  in  the  United 
States,  till  the  general  agent's  sale  in  New  England  was  $100  a 
day,  when  he,  becoming  an  extensive  counterfeiter  of  them,  had 
to  leave  the  place.  It  was  afterwards  proved  that  these  pills  were 
made  in  New  York ;  and  that  number  one,  two,  and  three,  were 
all  the  same  article.  The  medical  faculty  came  out  in  London, 
and  stated  that  Dr.  Morrison  was  destroying  much  life  by  the  re 
commendation  of  such  quantities  of  medicine.  He  prosecuted 
the  faculty  for  libel,  and  in  every  instance  was  beaten.  In  fifteen 
years,  he  amassed  a  princely  fortune,  and  built  himself  a  palace 
with  the  hope  of  enjoying  his  wealth ;  but  an  overruling  Provi 
dence  has  called  him  to  give  an  account  of  his  doings,  and  to  meet 
those  from  whom  he  extorted  much  of  his  wealth. 

"  Several  physicians  have  adopted  the  course  of  Morrison,  of  Lon 
don,  by  manufacturing  many  articles  to  be  taken  for  the  same  com 
plaint.  A  physician  located  in  Broadway,  New  York,  issues  his 
handbills  monthly,  stating  the  day  he  would  be  in  Boston,  Lowell, 
Providence,  Fall  River,  New  Bedford,  Norwich  Town,  New  York, 
Troy,  Albany,  and  Hudson,  for  consultation  gratis.  The  secret  of 
this  doctor's  success  has  grown  solely  out  of  his  vituperation  against 
the  medical  faculty  ;  branding  them  with  ignorance,  as  possessing 
no  medical  skill ;  intended  to  be  understood  by  the  afflicted  that 
they  all  go  in  for  making  the  most  money  out  of  the  sick  except 
himself,  who  is  the  only  G-ood  Samaritan,  and  filled  with  philan 
thropy  for  the  distressed.  Whilst  the  truth  is,  the  most  of  his 
money  is  wrung  out  of  the  poor,  who  too  often  have  to  obtain 
through  charity,  the  means  to  purchase  his  extravagant  medicines  ; 
he  telling  them,  in  all  cases,  they  have  the  liver  complaint — that 
being  curable — when  he  knows  they  are  in  a  consumption,  and  no 
relief  can  be  had  for  them. 

"  It  is  to  be  regretted  that  such  a  large  number  of  our  classical 
scholars  run  into  the  medical  profession,  as  our  large  cities  are 
crowded,  and  there  are  ten  to  do  the  practice  that  was  formerly 
done  by  one ;  which  has  induced  many  to  adopt  the  method  of 
travelling  from  place  to  place,  and  give  advice  gratis,  but  charge 
extravagantly  for  their  medicines,  and  relying  upon  excitement  for 


188  A   PRACTICAL    TREATISE 

their  practice,  as  the  opportunities  to  pronounce  them  sick  when 
little  or  nothing  ails  them  is  too  great  to  be  resisted;  and  it  would 
be  well  for  persons  to  listen  to  these  travelling  doctors  with  both 
ears  open,  but  with  their  hands  on  their  pockets,  for  fear  their 
money  may  £e  magnetized  from  them,  as  these  travelling  doctors 
are  constantly  increasing,  and  receive  encouragement  from  persons 
attending  their  lectures,  and  other  various  modes  of  making  their 
appearance  known.'; 


ON    BUSINESS.  189 


CHAPTER    XIII. 

HOW  TO  BECOME  MILLIONAIRES— OPINIONS  OF 
MILLIONAIRES. 

MANY  of  those  who  have  risen  to  elevated  positions  by  unlock 
ing  the  golden  gates  of  wealth,  have  favored  the  world  with  very 
valuable  opinions  which  they  regarded  as  the  key  to  their  success, 
and  a  recapitulation  of  them  in  a  connected  form,  which  was  never 
done  before,  will  afford  us  entertainment,  and  perhaps  instruction. 

ROTHSCHILD'S  OPINION. — The  founder  of  this  world-renowned 
house,  whose  immense  transactions  we  may  subsequently  notice, 
is  said  to  have  ascribed  his  early  success  to  the  following  rules : — 

1.  "I  combined  three  profits;  I  made  the  manufacturer  my 
customer  and  the  one  I  bought  of  my  customer ;  that  is,  I  supplied 
the  manufacturer  with  the  raw  material   and  dyes;  on  each  of 
which  I  made  a  profit,  and  took  his  manufactured  goods,  which  I 
sold  at  a  profit ;  and  thus  combined  three  profits. 

2.  "  Make  a  bargain  at  once.     Be  an  off-handed  man. 

3.  u  Never  have  any  thing  to  do  with  an  unlucky  man  or  place. 
I  have  seen,"  said  he,   "  many  clever  men  who  had  not  shoes  to 
their  feet.     I  never  act  with  them  ;  their  advice  sounds  very  well, 
but  fate  is  against  them;  they  cannot  get  on  themselves;  how 
can  they  do  good  to  me  ? 

4.  "  Be  cautious  and  bold.    It  requires  a  great  deal  of  boldness 
and  a  great  deal   of  caution  to  make  a  great  fortune ;  and  when 
you  have  got  it,  it  requires  ten  times  as  much  wit  to  keep  it." 

The  continued  prosperity  of  the  eminent  banking-house  of  the 
Rothschilds  is  ascribed,  in  the  following  biographical  extract,  to 
two  principles  :  "  He  who  does  not  delay  for  casualties,  and  has 
knowledge  enough  to  perceive  that  in  all  great  affairs  the  success 


190  A    PRACTICAL    TREATISE 

not  only  depends  on  the  choice  and  use  of  the  favorable  moment, 
but  especially  on  the  pursuit  of  an  acknowledged  fundamental 
maxim,  will  soon  perceive  that  particularly  two  principles  were 
never  neglected  by  this  banking-house ;  to  which,  besides  to  a  pru 
dent  performance  of  its  business  and  to  advantageous  conjunctures, 
it  owes  the-  greatest  part  of  its  present  wealth  and  respectability. 

"  The  first  of  these  principles  was  that  which  caused  the  five 
brothers  to  carry  on  their  business  in  a  perpetual  uninterrupted 
communion.  This  was  the  golden  rule  bequeathed  to  them  by 
their  dying  father.  Since  his  death,  every  proposition,  let  it  come 
from  whom  it  may,  is  the  object  of  their  common  deliberations. 
Every  important  undertaking  is  carried  on  by  a  combined  effort, 
after  a  plan  agreed  upon,  and  all  have  an  equal  share  in  the  result. 
Though  for  several  years  their  customary  residences  were  very 
remote,  this  circumstance  could  never  interrupt  their  harmony;  it 
rather  gave  them  this  advantage,  that  they  were  always  perfectly 
well  instructed  of  the  condition  of  things  in  the  different  capitals — • 
that  each  of  them,  on  his  part,  could  the  better  prepare  and  initiate 
the  affairs  to  be  undertaken  by  the  firm.  The  second  principle  in 
perpetual  view  of  this  house  is,  not  to  seek  an  excessive  profit  in 
any  undertaking  ;  to  assign  certain  limits  to  every  enterprise ;  and, 
as  much  as  human  caution  and  prudence  can  do,  to  make  them 
selves  independent  of  the  play  of  accidents." 

DAVID  RICARDO,  the  celebrated  political  economist,  was  born  in 
London,  of  a  Jewish  family,  in  1772.  His  character  for  probity, 
industry,  and  talent  early  procured  for  him  the  means  of  support; 
and  becoming  a  member  of  the  Stock  Exchange,  he  accumulated 
an  immense  property.  He  is  author  of  many  works  on  finance ; 
and  in  1819  was  elected  to  parliament.  Died,  1823.  He  had 
what  he  called  his  own  three  golden  rules ;  the  observance  of 
which  he  used  to  press  on  his  private  friends.  These  were  : — 

"  Never  to  refuse  an  option  when  you  can  get  it. 

"  Cut  short  your  losses. 

"  Let  your  profits  run  on." 

By  cutting  short  one's  losses,  Mr.  Ricardo  meant  that,  when  a 
member  had  made  a  purchase  of  stock,  and  prices  were  falling,  he 


ON    BUSINESS.  191 

ought  to  resell  immediately.  And  by  letting  one's  profit  run  on, 
he  meant  that,  when  a  member  possessed  stock,  and  the  prices 
were  rising,  he  ought  not  to  sell  until  prices  had  reached  their 
highest,  and  were  beginning  again  to  fall.  These  are  indeed  golden 
rules,  and  may  be  applied  with  advantage  to  innumerable  transac 
tions  other  than  those  connected  with  the  Stock  Exchange. 

STEPHEN  GIRARD  was  born  on  the  24th  day  of  May,  1750, 
within  the  environs  of  Bordeaux,  in  France.  He  sailed  to  the 
West  Indies  as  a  cabin-boy,  when  only  twelve  years  of  age;  and, 
after  residing  there  some  time,  removed  to  the  United  States.  He 
followed  the  sea,  as  mate,  captain,  arid  part  owner  of  a  vessel  for 
a  while,  and  accumulated  some  money.  He  entered  into  partner 
ship  with  Isaac  Hazlehurst,  of  Philadelphia,  and  purchased  two 
vessels  to  commence  the  St.  Domingo  trade ;  but  they  were  cap 
tured,  and  that  dissolved  the  firm. 

During  the  war,  he  was  at  Mount  Holly,  in  the  business  of 
bottling  claret  and  cider.  In  1779,  he  returned  to  Philadelphia, 
and  entered  upon  the  New  Orleans  and  St.  Domingo  trade.  He 
then  tried  a  partnership  with  his  brother,  which,  in  the  course  of 
three  or  four  years,  exploded,  as  usual,  in  a  rupture.  Shortly 
after  this,  his  prospects  were  materially  aided  by  the  acquisition  of 
650,000,  deposited  in  one  of  his  vessels  during  the  insurrection  at 
St.  Domingo,  and  for  which  the  owners  never  called.  In  1791, 
he  commenced  ship-building,  and  from  that  time  until  his  death 
was  engaged  in  various  mercantile  speculations,  and  in  banking. 
In  1811,  he  had  $1,000,000  in  the  hands  of  the  Barings,  who 
were  then  in  imminent  danger  of  failure.  Had  they  failed,  it  is 
very  probable  that  the  Girard  College  would  never  have  been 
built.  The  effect  on  his  peculiar  constitution  of  mind  would,  most 
likely,  have  proved  fatal.  He  died  in  1832,  estimated  to  be  worth 
$12,000,000. 

He  never  gave  an  opinion  of  the  causes  of  his  success,  that  I 
am  aware  of.  When  requested  to  furnish  incidents  for  his  life,  he 
refused,  replying,  "  My  actions  must  make  my  life."  We  can 
probably  glean  his  opinion  from  the  following  two  or  three  little 
"actions." 


192  A   PRACTICAL   TREATISE 

A  gentleman  from  Europe  purchased  a  bill  of  exchange  on, 
Girard,  to  defray  the  expenses  of  a  tour  to  this  country.  It  was 
duly  honored  on  presentation,  but  in  the  course  of  their  transac 
tions,  it  so  happened,  that  one  cent  remained  to  be  refunded  on 
the  part  of  the  European  \  and  on  the  eve  of  his  departure  from 
this  country,  Girard  dunned  him  for  it.  The  gentleman  apolo 
gized,  and  tendered  him  a  six  and  a  quarter  cent  piece,  requesting 
the  difference.  Mr.  Girard  tendered  him  in  change  jive  cents, 
which  the  gentleman  declined  to  accept,  alleging  he  was  entitled 
to  an  additional  quarter  of  a  cent.  In  reply  Girard  admitted  the 
fact,  but  informed  him  that  it  was  not  in  his  power  to  comply,  as 
the  government  had  neglected  to  provide  the  fractional  coin  in 
question,  and  returned  the  gentleman  the  six  cent  piece,  reminding 
him,  however,  that  he  must  still  consider  him  his  debtor  for  the 
balance. 

"  An  acquaintance  was  invited  to  witness  the  improvements  at 
his  farm,  and  was  shown  to  a  strawberry  bed,  which  had  been  in 
the  greater  part  gleaned  of  its  contents,  and  told  that  he  might 
gather  fruit  in  that  bed,  when  the  owner  took  leave.  That  friend, 
finding  that  this  tract  had  been  nearly  stripped  of  its  fruit  by  his 
predecessors,  soon  strayed  to  another  tract,  which  appeared  to 
bear  more  abundantly,  when  he  was  accosted  by  Mr.  Girard :  '  I 
told  you/  said  he,  '  that  you  might  gather  strawberries  only  in  that 
bed.' " 

"  We  saw  that  remarkable  man  (Girard),  after  his  head  was 
white  with  the  frosts  of  nearly  fourscore  years,  and  could  not  help 
noticing,  even  then,  .ne  minute  attention  which  he  gave  to  the 
most  trivial  thing  that  could  affect  his  fortune.  '  Take  that  lot  of 
fowls  away;  the  roosters  are  too  many;  they  would  keep  the 
hens  poor/  said  the  old  merchant  to  a  farmer,  who  had  brought 
them  for  one  of  Girard' s  ships — Hake  them  away — I  will  not  buy 
them.'  " 

"  Take  care  of  the  cents,  and  the  dollars  will  take  care  of  them 
selves/'  was  evidently  his  fundamental  maxim.* 

*  Girard  was  never  less  a  prophet  than  when  he  said,  "All  that  I  have 
to  say  is,  that  no  man  will  ever  be  a  gentleman  with  my  money."  There 


ON    BUSINESS.  193 

JOHN  JACOB  ASTOR,  I  am  informed  by  his  SOD,  W.  B.  Astor, 
is  not  known  to  have  had  any  fundamental  rule  or  favorite  maxim, 
and  the  general  outline  of  his  career  is  too  well  known  to  need 
rehearsal. 

NICHOLAS  LONGWORTH,  the  millionaire  of  Cincinnati,  was  born 
in  Newark,  N.  J.,  January  16,  1783.  Formerly  a  cobbler,  as 
I  have  been  informed,  he  removed  to  Cincinnati  in  1804,  studied 
law,  and  practised  for  some  fifteen  years.  His  earnings  and  sav 
ings  he  invested  in  lots,  around  Cincinnati,  the  rise  of  which  was 
the  foundation  of  his  fortune.  He  then  turned  his  attention  en 
tirely  to  land  or  lot  speculations,  which,  in  a  rising  market,  as  that 
has  always  been,  is  a  business  in  which  all  is  gain  and  nothing 
loss.  As  an  example  of  the  facility  with  which  small  amounts, 
comparatively,  secured  what  has  since  become  of  immense  value, 
Mr.  Cist,  in  his  memoir  of  him,  states  that  Mr.  Longworth  once 
received  as  a  legal  fee  from  a  fellow  who  was  accused  of  horse- 
stealing,  and  who  had  nothing  else  to  give,  two  second-hand  cop 
per  stills.  The  gentleman  who  had  them  in  possession  refused  to 
give  them  up,  but  proposed  to  Mr.  Longworth- to  give  him  a  lot  of 
thirty-three  acres  on  Western  Row,  in  lieu  of  them — a  proposal 
which  the  latter,  whose  opinions  of  the  value  of  such  property 
were  ahead  of  his  time,  gladly  accepted.  This  transaction  alone, 
taking  into  view  the  prodigious  increase  of  real  estate  in  that  city, 
would  have  formed  the  basis  of  an  immense  fortune,  the  naked 
ground  being  now  worth  two  millions  of  dollars. 

"What  Mr.  Longworth  is  worth  is  not  known.  The  estimates 
vary  greatly,  and  it  is  probable  that  after  his  death  there  will  be 
considerable  litigation.  A  gentleman  recently  has  recovered  land 
from  him  to  the  value  of  $500,000.  In  1850,  his  taxes  amounted 
to  upwards  of  $1 7,000,  which  is  the  largest  sum  paid  by  any  indi 
vidual  in  the  United  States,  William  B.  Astor  excepted,  whose 
taxes  for  the  same  year  were  $23,116.  It  must  be  remembered, 

have  been  more  gentlemen  made  with  his  money  than  with  the  money  of 
any  other  twenty  men. 

17 


IDi  A   PRACTICAL   TREATISE 

however,  that  the  taxes  in  Cincinnati  are  no  trifle  on  any  amount 
of  property. 

Mr.  Longworth's  opinion  probably  is  that  speculating  in  real 
estate,  in  a  constantly  rising  market,  is  a  very  good  business.  I  am 
informed,  by  a  friend  in  that  city,  that  he  holds  it  to  be  an  indis 
pensable  requisite,  that  a  man  who  desires  to  get  rich,  should  be 
from  Jersey,  where  he  himself  hails  from.  I  regard  this  as  meta 
phorical  language,  meaning,  probably,  that  he  must  have  a  sandy 
head,  and  a  stony  heart. 

P.  T.  BARNUM,  the  noted  exhibiter  of  natural  curiosities,  the 
distinguished  manager  and  financier,  the  courteous  gentleman,  and 
future  Governor  of  Connecticut,  ascribes  his  success  in  accumulating 
a  million  of  dollars  in  twelve  years,  as  the  newspapers  inform  us, 
to  the  unlimited  use  of  "Printer's  Ink/'  Whatever  may  be  the 
valuable  secret,  aside  from  his  own  remarkable  energy,  talent,  and 
knowledge  of  human  nature,  he  is  worthy  of  all  the  success  that  he 
has  attained.  May  he  never  meet  with  less  ! 

A  MERCHANT  OF  BOSTON,  of  fifty  years'  standing,  who  is  repre 
sented  to  have  amassed  a  fortune,  states  some  incidents  in  his  early 
life  which  impressed  upon  his  mind  the  utility  of  two  maxims, 
which  he  ever  afterwards  adopted  as  guides  of  conduct.  "  Thence/' 
he  says,  "  I  have  had  these  Mentors  before  me, 

"  DO  YOU  WHAT  YOU  UNDERTAKE  THOROUGHLY. 
BE  FAITHFUL  IN  ALL  ACCEPTED  TRUSTS. 

"  I  am  satisfied  they  have  served  me  well  threescore  years." 

JOHN  FREEDLEY'S  never- varying  motto  was,  self-dependence,  self- 
reliance. 

"  It  is  a  mistaken  notion,"  he  writes,  "  that  capital  alone  is  ne 
cessary  to  success  in  business.  If  a  man  has  head  and  hands  suited 
to  his  business,  it  will  soon  procure  him  capital.  My  observations 
through  life  satisfy  me  that  at  least  nine-tenths  of  those  most  suc 
cessful  in  business  start  in  life  without  any  reliance  except  upon 
their  own  head  and  hands — hoe  their  own  row  from  the  jump. 
All  professions  and  occupations  alike  give  the  field  for  talent,  per 
severance,  and  industry;  and  these  qualities,  whether  in  the  East, 


ON    BUSINESS  195 

West,  or  South,  sooner  or  later,  will  crown  the  aspirant  with  suc- 
sess.  But  to  enable  any  new  beginner  to  succeed,  he  must  not  be 
allured  from  his  course  by  attractive  appearances,  nor  be  driven 
from  it  by  trifling  adverse  gales.  He  must  fit  himself  for  the 
calling  he  adopts,  and  then  pursue  his  course  with  a  steady  eye. 
The  first  and  great  object  in  business  is  to  make  yourself  independ 
ent — to  have  the  means  of  livelihood  without  being  under  obliga 
tions  to  any  person ;  whatever  more  is  acquired  increases  the 
power  of  doing  good  and  extends  influence." 

JOHN  GRIGG,  of  Philadelphia,  the  founder  of  the  well-known 
publishing  house  of  Grigg  &  Elliott,  and  G.  E.  &  Co.,  of  which 
Messrs.  Lippincott,  Grambo  &  Co.,  are  the  worthy  successors,  has 
favored  us  with  some  points  which  his  experience  has  taught  him 
it  is  important  for  men  about  commencing  business  to  observe. 
His  life,  it  may  be  remarked,  is  another  encouraging  example  of 
what  integrity,  united  to  talent,  energy,  and  good  fortune,  may 
hope  to  accomplish  under  our  free  institutions.  Beginning  the 
world  an  orphan  farmer  boy,  he  has  accumulated,  as  public  opinion 
says,  a  fortune,  and  though  rich,  he  has  shown  that  he  understands 
what  few  rich  men  ever  have  understood — that  is,  the  art  of  using 
money  wisely,  as  well  as  getting  it.  In  a  conversation  with  him 
the  other  day,  he  expressed  the  opinion  that  endorsing  is  a  cause 
of  one-half  the  failures  in  business,  and  stated  the  remarkable  fact 
that  he  had  never  asked  a  man  to  endorse  a  note  for  him  in  his 
life.  One  great  reason  of  his  success,  I  have  been  informed,  among 
many  others,  was  his  power  of  inspiring  confidence— confidence  in  his 
sincerity,  honesty  and  ability.  Many  of  his  customers  dealt  with 
him  for  years  without  once  inquiring  the  price  of  an  article.  He 
says  of  the  complete  business  man,  as  Gen.  Butler  in  his  eulogy  of 
Calhoun  said  of  the  statesman,  "  he  should  have  in  an  eminent  degree 
the  self-sustaining  power  of  intellect.  He  must  possess  energy 
and  enterprise,  with  perseverance  and  great  mental  determination. 
To  inspire  confidence,  which  after  all  is  the  highest  of  earthly  quali 
ties,  is  a  mystical  something  which  is  felt  but  cannot  be  described." 

But  to  his  opinion  in  his  own  language. 

I.  Be  industrious  and  economical.  Waste  neither  time  nor 
money  in  small  and  useless  pleasures  and  indulgences.  If  the 


196  A   PRACTICAL    TREATISE 

young  can  be  induced  to  Leg  in  to  save,  the  moment  they  enter  on 
the  paths  of  life,  the  way  will  ever  become  easier  before  them, 
and  they  will  not  fail  to  attain  a  competency,  and  that  without  de 
nying  themselves  any  of  the  real  necessaries  and  comforts  of  life. 
Our  people  are  certainly  among  the  most  improvident  and  extrava 
gant  on  the  face  of  the  earth.  It  is  enough  to  make  the  Mer 
chant  of  the  old  school  who  looks  back  and  thinks  what  Economy, 
Prudence  and  Discretion  he  had  to  bring  to  bear  on  his  own  busi 
ness,  (and  which  are  in  fact  the  bases  of  all  successful  enterprize,) 
start  back  in  astonishment  to  look  at  the  ruthless  waste  and  ex 
travagance  of  the  age  and  People.  The  highest  test  of  respecta 
bility  with  me,  is  honest  industry.  Well-directed  industry  makes 
men  happy.  The  really  noble  class — the  class  that  was  noble 
when  "  Adam  delv'd  and  Eve  spun,"  and  have  preserved  their 
patent  to  this  day  untarnished,  is  the  laborious  and  industrious. 
Until  men  have  learned  industry,  Economy,  and  Self-control,  they 
cannot  be  safely  entrusted  with  wealth. 

II.  To  industry  and  economy,  add   self-reliance.     Do  not  take 
too  much  advice.     The  business  man  must  keep  at  the  helm  and 
steer  his  own  ship.     In   early  life  every  one  should   be  taught  to 
think  for  himself.     A  man's  talents  are  never  brought  out  until 
he  is  thrown  to  some  extent  upon  his  own  resources.     If  in  every 
difficulty  he    has    only  to   run    to   his   principal,   and   then   im 
plicitly  obey  the  directions  he  may  receive,  he  will  never  acquire 
that  aptitude  of  perception,  and  that  promptness  of  decision,  and 
that  firmness  of  purpose  which  are  absolutely  necessary  to  those 
who  hold  important  stations.     A   certain  degree  of  independent 
feeling,  is  essential   to  the  full  development  of  the  intellectual 
character. 

III.  Remember  that  punctuality  is  the  mother  of  confidence. 
It  is  not  enough  that  the  Merchant  fulfils  his  engagements,  he 
must  do  w4iat  he  undertakes  precisely  at  the  time,  as  well  as  in 
the  way  he  agreed  to.      The  mutual  dependence  of  merchants 
is  so  great,  that  their  engagements  like  a  chain,  which,  according 
to  the  Law  of  Physics  is  never  stronger  than  its  weakest  link,  are 
oftener  broken  through  the  weakness  of  others  than    their  own. 
But  a  prompt  fulfilment  of  engagements  is  not  only  of  the  utmost 


ON    BUSINESS.  197 

importance,  because  it  enables  others  to  meet  their  own  engage 
ments  promptly.  It  is  also  the  best  evidence  that  the  Merchant 
has  his  affairs  well  ordered — his  means  at  command,  his  forces 
marshalled,  and  (l  every  thing  ready  for  action'7 — in  short  that  he 
knows  his  own  strength.  .  This  it  is  which  inspires  confidence,  as 
much  perhaps  as  the  meeting  of  the  engagement. 

IV.  Attend  to  the  minutice  of  the  business,  small  things  as 
well  as  great.  See  that  the  store  is  opened  early,  goods  brushed 
up,  twine  and  nails  picked  up,  and  all  ready  for  action.  A  young 
man  should  consider  capital,  if  he  have  it,  or  as  he  may  acquire  it, 
merely  as  tools  with  which  he  is  to  work,  not  as  a  substitute  for 
the  necessity  of  labor.  It  is  often  the  case  that  diligence  in  em 
ployments  of  less  consequence  is  the  most  successful  introduction  to 
great  enterprises.  Those  make  the  best  officers  who  have  served 
in  the  ranks.  We  may  say  of  Labor,  as  Coleridge  said  of  Poetry, 
it  is  its  own  sweetest  reward.  It  is  the  best  of  Physic. 

Y.  Let  the  young  Merchant  remember  that  selfishness  is  the 
meanest  of  vices,  and  it  is  the  parent  of  a  thousand  more.  It  not 
only  interferes  both  with  the  means  and  with  the  end  of  acqui 
sition — not  only  makes  money  more  difficult  to  get,  and  not  worth 
having  when  it  is  got,  but  it  is  narrowing  to  the  mind  and  to  the 
heart.  Selfishness  "  keeps  a  shilling  so  close  to  the  eye,  that  it 
cannot  see  a  dollar  beyond."  Never  be  narrow  and  contracted  in 
your  views.  Life  abounds  in  instances  of  the  brilliant  results  of 
a  generous  policy. 

Be  frank.  Say  what  you  mean.  Do  what  you  say.  So  shall 
your  friends  know  and  take  it  for  granted  that  you  mean  to  do 
what  is  just  and  right. 

VI.  Accustom  yourself  to  think  vigorously.     Mental  capital, 
like  pecuniary,  to  be  worth  any  thing  must  be  well  invested — must 
be  rightly  adjusted  and  applied,  and  to  this  end,  careful,  deep  and 
intense  thought  is  necessary  if  great  results  are  looked  for. 

VII.  Marry  early.  The  man  of  business  should  marry  as  soon  as 
possible,  after  twenty-two  or  twenty-three  years  of  age.    A  woman 
of  mind  will  conform  to  the  necessities  of  the  day  of  small  begin 
nings;  and  in   choosing  a  wife,  a  man  should  look  at,  1st.    The 
heart;  2d.  The  mind;  3d.  The  person. 

17* 


198  A    PRACTICAL    TREATISE 

VIII.  Every  tiling,  however  remote,  that  has  any  bearing  upon 
success  must  be  taken  advantage  of.     The  business  man  should  be 
continually   on  the  watch   for   information,  and  ideas  that  will 
throw  light  on  his  path,  and  he  should  be  an  attentive  reader  of  all 
practical  books,  especially  those  relating  to  business,  trade*  &c.,  as 
well  as  a  patron  of  useful  and  ennobling  literature. 

IX.  Never  forget  a  favor,  for  ingratitude  is  the  basest  trait  of 
man's  heart.     Always  honor  your  country,  and  remember  that  our 
country  is  the  very  best  poor  man's  country  in  the  world. 

JOHN  McDoNOGH,  the  millionaire  of  New  Orleans,  whose  death 
is  yet  recent,  is  accredited  with  what  I  consider  one.  of  the  most 
valuable  opinions  on  the  subject  on  record.  It  was  narrated  by  a 
lawyer  of  New  Orleans,  during  some  "  idle  moments"  (?)  in  a 
court-room  in  that  city,  as  a  reminiscence  of  a  personal  interview 
with  McDonogh,  and  is  as  follows : — 

"  I  said  to  Mr.  McDonogh,  '  You  are  a  very  rich  man,  and  I  know 
that  you  intend  to  leave  all  your  property  to  be  expended  in  chari 
table  purposes.  I  have  been  thinking  over  your  singular  life,  and  I 
want  you  to  give  me  some  advice  in  regard  to  the  great  success  which 
has  attended  you  ;  for  I,  too,  would  like  to  become  very  rich,  having 
a  family,  so  as  to  leave  my  heirs  wealthy/  '  Well/  said  he,  *  get  up, 
sir /  and  as  I  rose  from  my  arm-chair,  he  took  my  seat,  and  turning 
to  me  as  if  he  was  the  proprietor  and  I  his  clerk,  said,  pointing  to  a 
common  chair  in  which  he  had  been  sitting, '  Sit  down,  sir,  and  I  will 
tell  you  how  I  became  a  rich  man,  and  how,  by  following  three  rules, 
you  can  become  as  rich  as  myself;' 

"  '  I  first  came  to  Louisiana/  continued  Mr.  McDonogh,  '  when  it 
was  a  Spanish  colony,  as  the  agent  for  a  house  in  Baltimore  and  a 
house  in  Boston,  to  dispose  of  certain  cargoes  of  goods.  After  I  had 
settled  up  their  accounts  and  finished  their  agency,  I  set  up  to  do 
business  for  myself.  I  had  become  acquainted  with  the  Spanish 

*  Mr.  Grigg  lias  ser.t  me  a  note  for  this  edition,  that  lie  would  like  to 
add  that  every  "Merchant  should  have  a  copy  of  the  Merchants  Magazine, 
De  Bow's  Review,  and  (ought  I  to  mention  it  ?)  Freedley's  Treatise  on  Busi 
ness,  an  elementary  treatise  on  the  principles  of  Business.  "  Every  count 
ing-house,  every  private  and  public  Library,"  he  has  been  pleased  to  add, 
"  should  ho.ve  a  copy  of  them  all.'' 


ON    BUSINESS.  199 

governor,  who  had  taken  a  fancy  to  me,  although  I  had  never  so  much 
as  flattered  him,  and  through  his  influence  I  obtained  a  contract  for 
the  army,  by  which  I  made  $10,000.  After  this,  I  gave  a  splendid 
dinner  to  the  principal  officers  of  the  army  and  the  governor,  and  by 
it  obtained  another  contract,  by  which  I  made  §30,000. 

"  '  This  is  what  the  French  and  the  Creoles  do  not  understand.  I 
mean  the  spending  of  money  judiciously.  They  are  afraid  of  spend 
ing  money.  A  man  who  wishes  to  make  a  fortune  must  first  make  a 
show  of  liberality,  and  spend  money  in  order  to  obtain  it.  By  that 
dinner  which  I  gave  to  the  Spanish  authorities,  I  obtained  their  good 
will  and  esteem,  and  by  this  I  was  enabled  to  make  a  large  sum  of 
money.  To  succeed  in  life,  then,  you  must  obtain  the  favor  and  in 
fluence  of  the  opulent,  and  the  authorities  of  the  country  in  which  you 
live.  This  is  the  first  rule/ 

"  '  The  natural  span  of  a  man's  life/  observed  Mr.  McDonogh,  '  is 
too  short,  if  he  is  abandoned  to  his  own  resources,  to  acquire  great 
wealth,  and,  therefore,  in. order  to  realize  a  fortune,  you  must  exer 
cise  your  influence  and  power  over  those  who,  in  point  of  wealth,  are 
inferior  to  you,  and,  by  availing  yourself  of  their  talents,  knowledge, 
and  information,  turn  them  to  your  own  advantage.  This  is  the 
second  rule.'  Here  he  made  a  long  pause,  as  if  lost  in  thought,  and 
seeing  him  remain  silent,  I  asked,  '  Is  that  all  ?'  '  No/  said  he, 
'  there  is  a  third  and  last  rule  which  it  is  all-essential  for  you  to  ob 
serve,  in  order  that  success  may  attend  your  efforts.'  '  And  what  is 
that  ?'  I  inquired. 

" '  Why,  sir/  said  he,  '  it  is  Prayer.  You  must  pray  to  the  Al 
mighty  with  fervor  and  zeal,  and  you  will  be  sustained  in  all  your  de 
sires.  I  never  prayed  sincerely  to  God,  in  all  my  life,  without  having 
my  prayer  answered  satisfactorily.'  He  stopped,  and  I  said,  '  Is  this 
all  ?'  He  answered,  '  Yes,  sir  ;  follow  my  advice,  and  you  will  become 
a  rich  man.'  And  he  arose  and  left  me. 

"'Well/  asked  one  of  the  company,  'have  you  followed  his  ad 
vice?" 

"  '  No/  said  the  counsellor.  '  I  have  not,  for  certain  reasons.  I  do 
not  wish  to  be  considered  harsh  in  drawing  the  conclusions  I  did  from 
Mr.  McDonogh's  advice.  They  were,  that  when  a  man  desires  to  be 
come  rich,  he  must  corrupt  the  high,  oppress  the  poOr,  and  look  to 
God  to  sustain  him.'  " 

This  is  the  story,  the  moral  of  which  has  been  recommended  to 
our  serious  consideration.  This  is  the  story  that  has  abashed  the 


200  A   PRACTICAL    TREATISE 

countenance,  and  turned  the  stomach  of  a  New  Orleans  lawyer; 
that  has  been  bandied  through  the  country,  and  kicked  at,  and 
spurned  by  every  newspaper,  magazine,  and  periodical,  whether  reli 
gious  or  secular — "  none  so  vile  as  to  do  it  honor."  Truly  the 
satirist  is  right;  our  morality  is  excessive.  There  is  no  danger  of 
another  deluge.  We  think  the  angels,  with  their  instinctive  per 
ception  of  what  is  holy,  will  soon  be  down  here  to  take  up  their 
permanent  residence  amongst  us. 

In  this  world,  then,  "  where  men  are  gods  and  women  angels," 
it  would  be  a  dangerous  task  to  attempt  its  defence.  We  must 
leave  it,  as  Bacon  did  his  name  and  memory,  "to  men's  charitable 
speeches,  to  foreign  nations,  and  the  next  age."  All  that  we 
can  do  in  our  limited  space  is,  to  earnestly  beg  those  who  are  the 
leaders  and  guides  of  popular  opinion  on  questions  of  morality  and 
religion  to  reconsider  their  opinion;  for,  if  it  be  not  immoral,  it  is 
most  valuable;  and,  by  following  its  advice,  thousands  who  are  now 
in  the  "  slough  of  despond"  and  the  morasses  of  poverty,  will  be 
enabled  to  climb  up  to  the  firm  land  of  happiness,  influence,  and 
independence. 

In  judging  of  an  opinion,  charity  demands  that  of  words  which 
will  bear  two  constructions,  that  most  favorable  to  virtue  and 
morality  shall  be  adopted.  In  applying  a  rule  to  action,  mixed 
with  narrative  and  explanation,  we  must  exclude  what  is  personal 
and  explanatory,  and  look  only  to  that  which  is  directory  and  ab 
stract.  A  rule  may  be  good,  though  the  instance  given  to  eluci 
date  it  may  be  faulty.  A  decision  may  be  correct,  though  the 
reasons  given  for  co'ming  to  it  may  be  weak.  Whether  McDonogh 
"  corrupted  the  high  or  oppressed  the  poor,"  we  do  not  know,  nor 
is  it  a  part  of  our  business  to  know.  There  is  nothing  in  the  story 
to  show  that  he  did ;  and  if  there  were,  it  would  not  depreciate  the 
value  of  the  rules  if  abstractly  good.  An  opinion  is  good  or  bad 
in  itself,  whether  it  comes  from  a  slave  or  from  a  philosopher. 
Whether  dinners  are  the  most  happy  way  to  obtain  favor  is  a  mat 
ter  of  extreme  doubt.  It  is  a  plan  that,  though  harmless  in  itself, 
has  lost  its  originality ;  and  from  abuse  has  fallen  into  discredit. 

I.  McDonogh's  first  abstract  rule  for  success  in  life  is  "  to  obtain 
the  favor  and  influence  of  the  opulent,  and  the  authorities  of  the 


ON   BUSINESS.  201 

country  in  which  you  live."  Can  this  mean  to  "  corrupt  the  high  ?" 
Quite  the  reverse.  It  is  a  rule  given  to  a  man  who  is  poor  in  order 
to  obtain  the  first  start.  A  poor  man  has  not  the  means  to  corrupt 
the  high ;  and  in  nine  cases  out  of  ten,  any  attempt  at  corruption 
on  the  part  of  a  man  with  small  means  and  limited  influence  at 
least,  would  rebound  on  his  own  head,  and  defeat  the  end  at  which 
he  aimed.  It  cannot  mean  corruption,  because  that  would  be  in 
consistent  with  the  adoption  of  the  third  rule,  prayer,  which  com 
pletes  the  system.  A  man  cannot  pray  to  the  "  Almighty  with 
fervor  and  zeal"  to  bless  an  act  which  he  knows  to  be  bad.  It 
means  simply  what  it  says,  to  obtain  the  favor  and  influence  of 
the  opulent,  and  to  use  the  means  which  wisdom  and  a  knowledge 
of  human  nature  suggest  as  suitable  to  the  end. 

The  first  clause  of  this  rule  is  applicable  to  every  one  who  de 
sires  to  improve  his  condition.  The  man  born  in  the  lower  walks 
of  life  must  improve  his  mind  and  conduct,  and  fit  himself  for 
admission  into  more  influential  circles,  and  then  court  admission ; 
and  the  man  who  is  already  there  must  not  sink  himself  by  low 
associations.  The  mechanic  or  architect  who  wishes  to  make  his 
fortune  must  not  be  contented  with  building  shantecs,  but  must 
endeavor  to  attract  the  attention  and  obtain  the  favor  of  the  man 
who  designs  building  a  mansion.  The  scientific  man  who  has  not 
the  means  to  perfect  his  plan  must  draw  the  notice  of  a  man  fond 
of  scientific  pursuits  who  has  the  means.  In  all  cases,  it  implies 
the  opposite  of  that  fictitious  independence  which  "  cannot  dig,  and 
is  ashamed  to  beg/' 

Perfect  independence  of  feeling — the  independence  of  the  man 
in  the  time  of  the  deluge  who  despised  Noah  and  his  "old  boat" — 
has  something  in  it  that  excites  admiration.  But  independence, 
to  be  admirable,  must  be  perfect.  The  man  who  aspires  to  the 
virtue  of  absolute  independence  must  stand  like  an  iceberg,  iso 
lated  and  alone,  disdaining  all  connection  with  the  mainland  of 
humanity.  He  must  trust  to  his  own  good  right  hand,  spurning 
all  assistance,  and  indulge  in  no  complaints  when  he  sees  men  of 
greater  pliabilitv  getting  ahead  of  him.  This  has  ever  been  a 
fault  in  poets  and  literary  men.  They  seem  to  think  that  the 
world,  which  knows  little  about  them,  should  come  cap  in  hand 


202  A   PRACTICAL    TREATISE 

to  do  them  service.  They  are  too  proud  to  ask  for  that  which 
they  need;  and  yet  whine,  like  whipped  hounds,  because  they  do 
not  receive.  They  disdain  to  mingle  with  men,  or  the  herd  as  they 
call  them,  and  solicit  favor  and  influence ;  and  yet  sk  in  their 
rookeries  and  indite  snarling  epics  on  the  baseness  and  ingratitude 
of  the  world.  This  is  the  affectation  of  independence;  and,  like 
all  affectation,  is  contemptible. 

It  is  man's  birthright  to  ask  of  those  who  can  give  that  which 
he  needs.  If  it  be  reasonable — if  it  be  done  at  opportune  times 
and  in  a  sincere,  prayerful  spirit,  he  will  receive.  Do  you  wish 
information  ?  Court  the  favor,  and  influence,  and  society  of  the 
well-informed  and  the  learned.  Do  you  wish  office  ?  Court  the 
favor  of  those  who  have  offices  to  give.  Do  you  wish  chances  to 
make  money  ?  Follow  McDonogh's  advice,  and  obtain  the  "  favor 
and  influence"  of  business  men  and  the  opulent. 

There  is  much  unnecessary  and  harsh  feeling  in  the  world — an 
apparent  conflict  between  classes,  that  arises  from  a  neglect  of  this 
very  rule.  Men  fret  themselves  in  secret ;  they  suffer  their  minds 
to  become  soured  against  a  whole  class,  because  nobody  will  patron 
ize  them,  because  those  who  can  aid  them  will  not  notice  them.  Let 
them  ask  themselves,  first,  what  have  they  done  to  attract  their 
notice  ?  There  is  a  powerful  feeling  in  the  breast  of  every  man, 
worthy  of  the  name,  that  makes  him  desirous  of  obliging  when 
ever  he  can  ;  and  there  is  a  vanity  which  makes  it  pleasing  to 
patronize  ;  but  it  must  be  sought  after.  All  men,  whether  rich 
or  poor,  have  enough  to  engage  their  attention  without  seeking  out 
those  to  whom  they  can  be  serviceable.  It  is  as  little  as  a  man  can 
do,  who  desires  a  reasonable  favor  of  another,  to  ask  for  it.  Let 
him  choose  his  time  opportunely — let  him  avoid  making  himself 
obtrusive  or  troublesome — let  him  state  his  wishes  frankly,  fully, 
'  yet  respectfully — let  his  request  be  moderate ;  and  if  he  fails  ? 
;Tis  but  in  one  case — pick  your  flint,  and  try  elsewhere.  Are  you 
repulsed  rudely  ?  The  man  was  a  scoundrel,  or  an  upstart,  one  of 
that  dunghill  breed,  of  which  unfortunately  there  are  some ;  but 
you  were  not  a  fool  for  attempting  it. 

As  we  make  our  beds  so  we  must  lie.  If,  then,  we  aspire  to 
emulate  Diogenes,  trampling  on  the  bed  of  Plato;  if  we  are  am- 


ON    BUSINESS.  203 

bilious  of  the  applause  of  foolish  boys  and  silly  men,  we  must  rail 
at  every  thing  which  we  have  not,  and  are  not,  particularly  at  rich 
men,  and  run  over  a  rigmarole  of  hard  names,  as  pampered  minions, 
purse-proud,  unfeeling  wretches,  and  we  will  get  their  applause. 
If  we  aspire  to  be  revolutionists,  and  will  run  the  risk  of  a  traitor's 
fate,  we  should  attempt  insurrectionary  movements,  and  denounce 
all  government  and  authority,  because  it  is  government.  But  if  we 
aim  to  become  wealthy  men  and  good  citizens,  our  first  step  is  to 
"  obtain  the  favor  and  influence  of  the  opulent ;"  "  to  obey  magis 
trates;  to  be  ready  to  every  good  work;  to  speak  evil  of  no  man  : 
to  be  no  brawlers  ;  butgentle)  showing  all  meekness  unto  all  men."* 
II.  Mr.  McDonogh's  second  rule  is,  that  "  the  natural  span  of 
a  man's  life  is  too  short,  if  he  is  abandoned  to  his  own  resources, 
to  acquire  great  wealth ;  therefore,  in  order  to  realize  a  fortune, 
you  must  exercise  your  influence  and  power  over  those  who,  in 
point  of  wealth,  are  inferior  to  you,  and,  by  availing  yourself  of 
their  talents,  knowledge,  and  information,  turn  them  to  your  own 
advantage."  This,  a  distinguished  counsellor  of  the  New  Orleans 
bar  calls  u  oppressing  the  poor,"  and  this  a  religious  periodical  pro 
nounces  "  devilish." 

"Are  these  the  breed  of  wits  so  wondered  at? 
Well,  better  wits  have  worn  plain  statute  caps." 

I  am  of  opinion  that  the  distinguished  counsellor,  in  transcribing 
this  rule,  used  words  that  will  bear  a  more  unfavorable  construc 
tion  than  those  which  Mr.  McDonogh  used,  or  intended  to  use. 
But,  take  them  as  they  stand,  what  do  they  mean  ?  Do  they  mean 
that  a  man  who  wishes  to  increase  his  fortune  must  use  force  to 
press  poor  but  talented  men  into  his  service,  as  they  impress  sea 
men  ?  Do  they  mean  that  a  man  should  use  his  means  in  hiring 
agents  to  scour  the  country,  and  catch  all  the  men  of  "  talents, 
knowledge,  and  information"  they  can -find,  bind  them  hand  and 
foot,  drag  them  to  his  door,  and  there  force  them  to  reveal  their  > 
information  ?  A  distinguished  counsellor  seems  to  think  so,  and 
all  counsellors  are  wise  as  well  as  "  honorable"  men. 

*  Titus  iii.   1--2. 


204  A    PRACTICAL    TREATISE 

We  think  it  has  a  great  deal  of  meaning  in  it;  but  does  not  em 
brace  force  or  oppression.  We  think  it  means,  in  the  first  place, 
that  as  a  man  cannot  carry  on  extensive  operations,  relying  on  his 
own  resources  or  abilities  alone,  he  must  employ  agents ;  and  that, 
in  employing  agents,  he  should  choose  men  of  "  talents,  knowledge 
and  information/7  in  preference  to  those  whose  only  recommenda 
tion  is  physical  strength  and  stupidity.  The  Business  of  clerking, 
or  agendizing,  in  the  United  States,  is,  at  the  present  time,  over 
stocked  by  men  who  have  no  business  there — by  men  whose  proper 
occupation  is  farming ;  and,  in  consequence,  there  are  thousands  of 
talented  men,  well  qualified  for  their  duties,  out  of  employment. 
Business  men  will  find  it  greatly  to  their  advantage  to  employ  edu 
cated,  talented  assistants. 

We  think  it  means,  in  the  second  place,  that,  having  employed 
able  agents,  the  employer  should  make  it  a  constant  practice  to 
consult  and  advise  with  them,  and  get  their  suggestions  in  his  vari 
ous  operations.  The  rule,  in  this  respect,  is  much  needed.  I  have 
known  instances  in  which  men  have  persevered  in  a  plan,  to  their 
own  loss  and  inconvenience,  merely  because  the  improvement  had 
been  suggested  by  a  subordinate.  This  is  great  weakness.  We 
are  never  too  old  nor  too  wise  to  learn ;  and  shrewd  men,  who  are 
desirous  of  increasing  their  fortune,  will  endeavor  to  have  con 
stantly  around  them  those  who  can  advise  them.  The  President 
has  his  cabinet ;  a  general  has  his  officers ;  a  business  mart  should 
also  have  his  bureau.  Self-conceit  is  a  great  stumbling-block  in  the 
way  of  continued  prosperity,  and  has  proved  the  ruin  of  many. 
The  man  who,  because  he  has  made  a  few  fortunate  speculations, 
considers  himself  infallible,  or  despises  the  opinion  of  all  less 
wealthy  or  fortunate  than  himself,  had  better  retire  with  what  he 
has  made  immediately.  Attention  to  McDonogh's  rules  is  all  that 
can  save  him,  if  he  continues  in  business. 

We  think  it  means,  in  the  third  place,  that  whereas  it  is  a  well- 
known  fact  that  men  of  talents  and  learning  delight  in  the  com 
pany  of  active,  intelligent,  business  men,  who  possess  more  of  the 
world's  comforts  than  themselves,  the  man  of  business,  who  is  de 
sirous  of  increasing  his  fortune,  should  encourage  their  visits  by 
polite,  flattering  attentions,  all  the  while  keeping  both  ears  open 


ON   BUSINESS.  205 

to  catch  information  or  suggestions  from  them,  which,  though 
useless  to  themselves,  he  may  appropriate  to  his  own  great  ad 
vantage. 

Fourthly :  We  think  it  means  that,  as  there  are  many  men  of 
great  abilities  in  their  various  pursuits,  who  have  not  the  capital  to 
make  their  ability  available  to  themselves,  the  man  who  is  desirous 
of  increasing  his  wealth  should  employ  them  to  carry  out  their 
ideas  for  his  own  benefit,  paying  them  a  fair  price  for  their  servi 
ces  ;  or  should  associate  himself  with  them  in  a  limited  partner 
ship,  and  divide  the  profits.  Thus  one  capitalist  may  share  the 
profits  of  a  dozen  different  establishments,  and  yet  be  a  great  bene 
factor.  There  are  hundreds  of  able  men,  in  all  countries,  who  are 
useless  to  themselves  for  want  of  capital,  and  whom  capitalists 
should  seek  out;  and  there  are  thousands  of  men,  of  splendid  tal 
ents  in  their  way,  who  are  utterly  incompetent  to  manage  a  busi 
ness  for  themselves,  even  if  they  had  the  capital,  but  who,  associ 
ated  with  men  of  a  different  order  of  talents,  commonly  called 
business  tact,  can  greatly  promote  the  well  doing  of  both  parties. 

This  rule  is  applicable  in  many  other  cases  than  those  I  have 
mentioned ;  but  I  need  not  consume  time  and  space  to  notice  them. 
We,  the  common  people  can  cipher  it  out  for  ourselves,  and  un 
derstand  it,  though  lawyers  may  not.  It  is  the  wisest  and  most 
beneficent  rule  that  has  ever  fallen  from  human  lips.  Were  man 
kind  to  adopt  it  to-morrow,  with  some  variations  in  the  words  used, 
in  order  to  convey  the  meaning,  there  would  be  a  change  over  the 
face  of  society  like  the  wonderful  transformations  in  magic.  Every 
one  would  fall  into  his  proper  position,  and  each  would  receive  his 
due.  Those  whom  nature  designed  for  laborers  and  producers 
would  not  usurp  the  place  of  distributors;  and  those  who  are  qual 
ified  for  intellectual  pursuits  would  find  abundance  of  employment ; 
mind  would  receive  a  new  impulse  to  improvement,  and  talent 
would  find  encouragement ;  capital  would  be  associated  with  science, 
and  science  co-operate  with  capital;  men  of  wealth  would  feel 
themselves  honored  and  benefited  by  association  with  men  of  learn 
ing,  and  learned  men  would  be  made  happy  in  the  partial  enjoy 
ment  of  the  comforts  of  wealth. 

III.  McDonogh's  last  rule  is  prayer.     This  is  all  that  was  \vant- 

18 


206  A   PRACTICAL    TREATISE 

ing  to  perfect  the  system ;  to  make  it  a  system  worthy  of  a  better 
origin ;  yea,  worthy  of  the  authority  of  inspiration.  Prayer  is  a 
powerful  aid  to  success  in  two  ways.  It  prepares  the  mind  for 
great  undertakings;  it  gives  an  earnestness  and  seriousness  to  the 
character;  it  curbs  that  levity  and  frivolity  which  trifle  with  im 
portant  concerns,  viewing  every  thing  as  a  game ;  it  gives  a  restrain 
ing  power  in  the  hour  of  temptation,  and  makes  simple  faith 
mightier  than  wisdom ;  it  creates  a  subdued  enthusiasm,  a  calm 
confidence  in  eventual  success  that  no  present  danger  can  over 
throw — a  lofty  reliance  on  an  unseen  power  which  the  prayerless 
cannot  comprehend ;  it  fits  the  mind  to  conceive  great  thoughts, 
and  the  man  to  do  great  deeds.  Secondly :  It  invokes  to  human 
exertions  the  favor  and  influence  of  the  Most  High.  God  will 
hear  and  answer  sincere  prayer.  "  He  will  regard  the  prayer  of 
the  destitute,  and  not  despise  their  prayer/'  Ps.  cii.  17.  "Are 
not  five  sparrows  sold  for  two  farthings,  and  not  one  of  them  is 
forgotten  before  God  ?  Fear  not,  therefore,  ye  are  of  more  value 
than  many  sparrows." 

Genius  and  revelation  harmonize  in  commendation  of  the  efficacy 
of  prayer.  The  most  splendid  genius  of  the  nineteenth  century, 
in  speaking  of  the  French  Revolution,  says:  "  The  despoilers  of 
all  that  beautifies  and  hallows  life  had  desecrated  the  altar  and  de 
nied  God ;  they  had  removed  from  the  last  hour  of  their  victims 
the  Priest,  the  Scripture,  and  the  Cross.  But  Faith  builds,  in  the 
dungeon  and  the  lazar-house,  its  sublimest  shrines;  and  up  through 
roofs  of  stone  that  shut  out  the  eye  of  heaven,  ascends  the  ladder 
where  the  angels  glide  to  and  fro — prayer."  *  *  *  "When 
science  falls  as  a  firework  from  the  sky  it  would  invade — when 
genius  withers  as  a  flower  in  the  breath  of  the  icy  charnel — the 
hope  of  a  childlike  soul  wraps  the  air  in  light,  and  the  innocence 
of  unquestionable  belief*  covers  the  grave  with  blossoms." 

Revelation  invites  men  every  where,  and  in  every  thing,  to  place 
their  trust  in  their  Creator,  and  not  on  their  own  strength.  "  Trust 
in  the  Lord  with  all  thine  heart,  and  lean  not  on  thine  own  under 
standing.  In  all  thy  ways  acknowledge  him,  and  he  shall  direct 
thy  patlis."  Prov.  iii.  5,  6.  u  Call  upon  me  in  the  day  of  trou 
ble.  I  will  deliver  theo,  and  thou  shalt  glorify  me."  Ps.  1.  15. 


ON   BUSINESS.  207 

e  He  that  diligently  seeketh  good  procureth  favor ;  but  lie  that 
sceketh  mischief,  it  shall  come  unto  him.  He  that  trusteth  in  his 
riches  shall  fall ;  but  the  righteous  shall  flourish  as  a  branch." 
Prov.  xi.  27,  28. 

Sublime  system  !  The  wit  of  man  has  never  conceived  a  better, 
and  withal  so  practical  as  to  be  within  the  reach  of  the  humblest 
individual  in  the  land.  What  immense  influences  it  centres  upon 
one-man  and  one  business  !  On  the  one  hand,  the  humble  aspirant 
calls  to  his  aid  the  powerful  influence  of  money  and  the  favor  of 
the  opulent ;  on  the  other  he  draws  to  himself  the  still  greater 
power  of  talent  and  knowledge;  and  above  all,  he  invokes,  by 
prayer  and  an  upright  life,  the  blessing  of  "  Him  that  sitteth  on 
the  circle  of  the  earth ;  that  stretcheth  out  the  heavens  as  a  cur 
tain,  and  spreadeth  them  out  as  a  tent  to  dwell  in." 

I  must  close  this  chapter,  and  the  whole  subject  of  "Getting 
Money ;"  and  1  cannot  do  so  more  appropriately  than  with  the 
following  truthful  quotation  : — 

"  If  we  were  to  consult  the  annals  of  commercial  life,  we  should 
find  that,  in  most  instances,  the  men  who  have  been  distinguished 
for  success  in  business  are  of  the  same  stamp  as  those  who  have 
been  eminent  in  the  walks  of  literature  and  science.  They  have 
been  characterized  by  self-denying  habits,  by  simple  tastes,  and  by 
unpretending  manners;  whilst  the  bold,  the  vain,  the  presumptuous, 
and  the  reckless  have  done  immense  mischief  to  themselves  and 
others,  in  the  department  of  trade,  dissevering  the  bonds  of  confi 
dence  and  good  feeling,  and  often  scattering  havoc  and  ruin  around 
them.  The  same  principles  and  motives  of  action  prevail  in  the 
good,  the  wise,  and  the  prudent,  among  all  sorts  of  men.  It  is  that 
wisdom  which  is  unpretending  and  boasteth  not,  and  that  quiet  sort 
of  penetration  and  sagacity,  which  is  little  deceived  by  self-flatteries 
and  delusions,  which  are  often  more  injurious  and  ruinous  than  all 
the  worldly  artifices  and  deceptions  which  are  practised  upon  us/' 


A   PRACTICAL    TREATISE 


CHAPTER    XIV. 
LOSING  MONEY. 

CHANCES   OF   SUCCESS — CAUSES   OF   FAILURE. 

IT  was  the  custom  of  Napoleon,  says  Bourrienne,  after  a  hard 
battle  had  been  won,  to  ride  over  the  field  of  contest,  to  see  the 
extent  of  the  destruction.  That  is  our  solemn  task  at  this  time. 
We  have  heard  the  shouts  of  the  victorious ;  we  have  listened  to 
the  proud  boasts  of  the  conquerors,  the  Napoleons  of  wealth,  and 
have  recorded  their  wise  sayings.  Now,  it  is  our  painful  duty  to 
go  over  the  field  where  their  triumphs  were  won,  and  see  how  many, 
with  minds  as  great,  and  aspirations  as  high,  have  fallen  in  the 
strife.  Perchance,  we  may  learn  there  greater  lessons  of  wisdom; 
perchance,  we  may  see  our  way  clearer,  and  possibly  discover  the 
post  of  safety,  if  not  of  honor.  "  Wouldst  thou  be  rich  ?  Consult 
not  the  rich  man,  but  the  bankrupt.  'Tis  more  to  know  what  to 
avoid  than  what  to  do." 

We  have  chosen  to  consult  both.  We  will  inquire,  first,  as  to 
our  clianccs  of  success;  and,  secondly,  as  to  the  causes  of  failures 
and  their  remedies ,  if  any. 

CHANCES   OF    SUCCESS   IN    MERCANTILE   LIFE   IN   BOSTON. 

On  the  evening  of  the  28th  of  February,  1840,  GENERAL  HENRY 
A.  S.  DEARBORN  delivered  an  address  at  an  agricultural  meeting  of 
the  members  of  the  Legislature,  which  embraced  a  statement  that 
startled  many,  and  attracted  the  attention  of  business  men  in  all 
parts  of  the  country.  Freeman  Hunt,  Esq.,  of  the  Merchant's 
Magazine,  wrote  to  General  Dearborn  for  a  copy  of  his  remarks, 
made  in  connection  with  that  statement,  which  he  placed  at  his  dis 
posal.  General  Dearborn  was  Collector  of  the  Port  of  Boston  for 
nearly  twenty  years,  and  was  therefore  enabled  to  notice  the  vicis- 


ON   BUSINESS.  209 

situdes  in  trade,  and  bis  statements  are  confirmed  by  tbe  remarks 
of  a  Boston  merchant,  which  are  here  appended.  He  is  speaking 
of  the  superior  advantages  of  a  residence  in  the  country,  and  ob 
serves  : — 

"  In  England,  the  pleasures,  and  privileges,  and  blessings  of  the 
country  seem  properly  understood  and  valued.  No  man  there  con 
siders  himself  a  freeman  unless  he  has  a  right  in  the  soil.  Merchants, 
bankers,  citizens,  men  of  every  description,  whose  condition  of  life 
allows  them  to  aspire  after  any  thing  better,  are  looking  forward 
always  to  retirement  in  the  country — to  the  possession  of  a  garden  or 
a  farm,  and  to  the  full  enjoyment  of  rural  pleasures.  The  taste  of 
the  nobility  of  England  is  eminently  in  that  direction.  There  are 
none  of  them  who,  with  all  the  means  which  the  most  enormous 
wealth  can  afford,  even  think  of  spending  the  year  in  London,  or  of 
remaining  in  the  confinement,  noise,  and  confusion  of  the  city,  a  day 
longer  than  they  are  compelled  to  do  by  their  parliamentary  or  other 
public  duties. 

"  There  is,  in  this  respect,  a  marked  difference  between  England 
and  France.  Formerly,  the  nobility  of  France  were  scattered  broad 
cast  over  the  territory,  and  had  their  villas,  their  castles,  and  cha 
teaux  in  all  the  provinces  of  the  kingdom.  But  the  monarchs,  anxious 
to  increase  the  splendor  of  their  courts,  and  to  concentrate  around 
them  all  that  was  imposing  and  beautiful  in  fashion,  luxury,  and 
wealth,  collected  the  aristocracy  in  the  capital.  The  natural  conse 
quence  was  that  the  country  was  badly  tilled,  and  agriculture  made 
no  advancement,  while  England  was  making  rapid  and  extraordinary 
progress  in  the  useful  and  beautiful  arts  of  agriculture  and  horticul 
ture,  and  now,  in  her  cultivation,  presents  an  example  of  all  that  is 
interesting  in  embellishment  and  important  in  production.  We  are 
the  descendants  of  England ;  yet  on  these  subjects  we  have  reversed 
the  order  of  taste  and  sentiment  which  there  prevails. 

"  Happy  would  it  be  for  us  if  our  gentlemen  of  wealth  and  intelli- 
gencexwould  copy  the  bright  example  of  the  affluent  and  exalted  men 
of  England.  If,  after  having  accumulated  immense  fortunes  in  cities, 
they  would  carry  their  riches  and  science  into  the  country,  and  seek 
to  reclaim,  to  improve,  and  render  it  more  productive  and  beautiful, 
Massachusetts  might  be  transformed  into  a  garden,  and  rival  the  best 
cultivated  regions  on  the  globe. 

"  It  is  an  inexplicable  fact  that  even  men  who  have  grown  rich  in 
any  manner  in  the  country  should  rush  into  cities  to  spend  their 

18* 


210  A   PRACTICAL  TREATISE 

•wealth ;  and  it  is  equally  as  remarkable,  that  those  who  have  accu 
mulated  fortunes  in  the  city  shudder  at  the  idea  of  going  into  the 
country,  where  wealth  might  be  safely  appropriated  to  purposes  of 
the  highest  utility,  pleasure,  and  refinement. 

11  There  prevails,  in  this,  rather  too  much  ignorance,  false  senti 
ment,  and  unworthy  prejudice.  The  city  must,  of  course,  be  regarded 
as  the  proper  seat  of  active  business,  in  all  the  branches  of  commerce 
and  navigation.  But  when  a  large  portion  of  life  has  been  spent  in 
these  harassing  pursuits,  and  men  have  acquired  the  means  of  com 
petence  and  independence  in  the  country,  why  they  should  not  seek 
to  enjoy  the  refreshing  exercise,  the  delightful  recreations,  and  the 
privileged  hours  of  retirement  and  reflection  which  a  rural  residence 
affords,  was  a  mystery  which  it  was  impossible  to  solve. 

"  It  was  not  merely  the  ungovernable  influence  of  a  city  life  upon 
health  that  was  most  deeply  to  be  regretted.  Many  an  uncorrupted 
young  man  from  the  country,  impelled  by  a  reckless  passion  for  gain, 
has  there  early  found  the  grave  of  his  virtues.  But  too  many  instances 
might  be  pointed  out,  in  which  the  acquisition  of  property  has  proved 
as  great  a  curse  as  could  have  befallen  them.  The  chances  of  success 
in  trade  are  likewise  much  less  numerous,  and  are  more  uncertain 
than  men  generally  believe,  or  are  willing  to  allow.  After  an  exten 
sive  acquaintance  with  business  men,  and  having  long  been  an  attentive 
observer  of  the  course  of  events  in  the  mercantile  community,  lam  satisfied 

that,  AMONG  ONE  HUNDRED  MERCHANTS  AND  TRADERS,  NOT  MORE  THAN 
THREE,  IN  THIS  CITY,  EVER  ACQUIRE  INDEPENDENCE.  It  WttS  With  great 

distrust  that  I  came  to  this  conclusion ;  but,  after  consulting  with  an 
experienced  merchant,  he  fully  admitted  its  truth.  Infinitely  better, 
therefore,  would  it  be  for  a  vast  portion  of  the  young  men  who  leave 
the  country  for  the  city,  if  they  could  be  satisfied  with  a  farmer's 
life.  How  preferable  would  it  have  been  for  many  of  those  who  have 
sought  wealth  and  distinction  in  cities,  if  they  had  been  satisfied  with 
the  comforts,  innocent  amusements,  and  soothing  quietude  of  the 
country ;  and,  instead  of  the  sad  tale  of  their  disasters,  which  must 
go  back  to  the  parental  fireside,  the  future  traveller,  as  he  passed  the 
humble  churchyard  in  which  they  had  been  laid  at  rest  with  their 
laborious  ancestors,  might  truthfully  repeat  these  emphatic  words  of 
England's  gifted  bard  : — 

"  '  Some  village  Hampden  that,  with  dauntless  breast, 
The  little  tyrant  of  his  fields  withstood  ; 
Some  mute,  inglorious  Milton  here  may  rest  ; 
Some  Cromwell,  guiltless  of  his  country's  blood.'  " 


ON   BUSINESS.  211 

The  following  confirmatory  remarks  of  of  an  intelligent  gentle 
man  from  Boston  appeared  in  the  Farmer's  Library  : — 

"  The  statement  made  by  General  Dearborn  appeared  to  me  so 
startling,  so  appalling,  that  I  was  induced  to  examine  it  with  much 
care,  and,  I  regret  to  say,  I  found  it  true.  I  then  called  upon  a  friend, 
a  great  antiquarian,  a  gentleman  always  referred  to  in  all  matters  re 
lating  to  the  city  of  Boston,  and  he  told  me  that,  in  the  year  1800,  he 
took  a  memorandum  of  every  person  on  Long  Wharf,  and  that,  in 
1840 — which  is  as  long  as  a  merchant  continues  in  business — only 
Jive  in  one  hundred  remained.  They  had  all,  in  that  time,  FAILED,  OR 
DIED  DESTITUTE  OF  PROPERTY.  I  then  went  to  a  very  intelligent  direc 
tor  of  the  Union  Bank — a  very  strong  bank.  He  told  me  that  the 
bank  commenced  business  in  1798  ;  that  there  was  then  but  one  other 
bank  in  Boston,  the  Massachusetts  Bank,  and  that  the  bank  was  so 
overrun  with  business  that  the  clerks  and  officers  were  obliged  to  work 
until  twelve  o'clock  at  night,  and  all  Sundays ;  that  they  had  occasion 
to  look  back,  a  year  or  two  ago,  and  they  found  that,  of  the  one  thou 
sand  accounts  which  were  opened  with  them  in  starting,  only  six  re 
mained  ;  they  had.  in  the  forty  years,  either  failed  or  died  destitute  of 
property.  Houses,  whose  paper  had  passed  without  a  question,  had 
all  gone  down  in  that  time.  Bankruptcy,  said  he,  is  like  death,  and  al 
most  as  certain  ;  they  fall  single  and  alone,  and  are  thus  forgotten  ; 
but  there  is  no  escape  from  it,  and  he  is  a  fortunate  man  -who  fails 
young. 

"  Another  friend  told  me  that  he  had  occasion  to  look  through  the 
probate  office  a  few  years  since,  and  he  was  surprised  to  find  that  over 
90  per  cent,  of  all  the  estates  settled  there  were  insolvent.  And,  with 
in  a  few  days,  I  have  gone  back  to  the  incorporation  of  our  banks  in 
Boston.  I  have  a  list  of  the  directors,  since  they  started.  This  is, 
however,  a  very  unfair  way  of  testing  the  rule,  for  bank  directors 
are  the  most  substantial  men  in  the  community.  In  the  old  bank, 
over  one-third  had  failed  in  forty  years,  and  in  the  new  bank  a  much 
larger  proportion. 

"  I  am  sorry  to  present  to  you  so  gloomy  a  picture,  and  I  trust  you 
will  instil  into  your  sons,  as  General  Dearborn  recommends,  a  love  of 
agriculture ;  for,  in  mercantile  pursuits,  they  will  fail  to  a  dead  cer 
tainty." 


212  A   PRACTICAL   TREATISE 


CHANCES  OF  SUCCESS  IN  BOSTON,  PHILADELPHIA,  AND  NEW  YORK. 

NAHUM  CAPEN,  Esq.,  Editor  of  the  Massachusetts  /State  Record, 
makes  some  interesting  statements  on  the  suhject  in  the  following 
letter  which  he  wrote  to  the  Hon.  Truman  Clark,  to  be  presented 
at  one  of  the  legislative  agricultural  meetings  held  weekly  during 
the  session  of  the  Legislature  at  the  Senate  Chamber. 

BOSTON,  March  2,  1847. 
HON.  TRUMAN  CLARK. 

MY  DEAR  SIR  :  In  accordance  with  your  wishes,  I  send  herewith 
such  statistics  in  regard  to  failures  in  Massachusetts,  as  I  received 
last  year,  in  reply  to  a  circular  I  sent  to  every  town  in  the  common 
wealth,  for  the  purpose  of  collecting  information  for  the  Massachusetts 
State  Record.  As  these  returns  were  imperfect,  I  deferred  any  publi 
cation  of  them  till  another  year,  when  probably  I  should  have  the 
means  of  doing  the  subject  ample  justice. 

Number  of  towns  represented,  144  ;  estimated  population  of  ditto, 
242,186  ;  number  of  farming  towns,  79;  manufacturing  and  farming, 
56  ;  number  engaged  mostly  in  navigation,  9  ;  number  of  failures 
reported,  357. 

Business  of  Bankrupts. — Farmers,  59 ;  manufacturers  and  mechan 
ics,  182,  including  70  boot  and  shoe  manufacturers  ;  laborers,  9  ;  inn- 
holders,  1 ;  speculators  (farmers),  4  ;  ministers,  1 ;  traders,  63  ;  busi 
ness  not  stated,  48.  *  *  * 

It  does  not  appear,  from  my  returns,  how  many  farmers  failed  in 
consequence  of  becoming  speculators,  intemperate,  or  indolent  men. 
It  seems  to  me  that  an  industrious,  temperate,  and  frugal  farmer  can 
hardly  do  otherwise  than  succeed.  Small  gains,  gradually  accumu 
lated,  are  safer  and  surer  than  large  profits  and  sudden  fortunes. 
Their  influence  is  favorable  to  the  growth  of  good  morals,  and  they 
do  not  endanger  the  habits  of  prudence. 

If  Governor  Carver  had  invested  £70  on  his  arrival  in  the  country 
at  compound  interest,  the  accumulated  sum  at  this  time,  would  be 
sufficient  to  buy  the  whole  State  of  Massachusetts,  and  it  would  ex 
ceed  the  banking  capital  of  the  United  States. 

If  a  young  man  at  twenty-one  were  to  lease  a  farm  and  make  an 
annual  profit  of  one  hundred  dollars,  and  invest  both  principal  and 
interest,  from  year  to  year,  for  twenty-five  years,  his  fund  would 


ON   BUSINESS.  213 

amount  to  $5,000.  If  he  were  to  own  the  farm,  he  might  have  a  fund 
at  interest  of  $10,000  in  twenty-five  years. 

A  trader,  however,  may  begin  with  a  capital  of  $10,000  on  the 
credit  system,  as  now  managed,  and  in  twenty-five  years,  there  are 
ninety-seven  chances  to  every  one  hundred,  that  he  will  be  $10, 000  in 
debt  beyond  his  means  to  pay. 

This  percentage  of  success  and  failure  has  been  alluded  to,  at  your 
discussions,  as  being  true  of  Boston.  I  believe  it  to  be  nearly  correct. 
I  have  been  advised  by  very  intelligent  gentlemen,  who  have  the 
means  of  knowing,  that  not  more  than  ONE  per  cent,  of  the  best  class  of 
merchants  succeed  without  failing  in  PHILADELPHIA,  and  that  not  more 
than  TWO  per  cent,  of  the  merchants  of  NEW  YORK  ULTIMATELY  retire  on 
an  independence,  after  having  submitted  to  the  usual  ordeal  of  failure. 
These  calculations  are  based,  it  must  be  observed,  upon  periods  of 
twenty-five  and  thirty  years. 

The  lot  of  the  merchant  is  one  of  great  labor  and  anxiety,  com 
pared  to  that  of  the  farmer.  He  labors  harder,  his  life  is  shorter,  and 
he  is  less  sure  of  a  competency  in  old  age. 

A  contributor  to  the  Merchant's  Magazine  states  that  it  is  said 
"  that  but  one  eminent  merchant,  and  his  death  is  still  recent,  has 
ever  continued  in  active  business,  in  the  city  of  New  York,  to  the 
close  of  a  long  life,  without  undergoing  bankruptcy  or  a  suspension 
of  payments  in  some  of  the  various  crises  of  the  country.  It  is 
also  asserted  by  reliable  authority,  from  records  kept  during  pe 
riods  of  twenty  to  forty  years,  that,  of  every  hundred  persons  who 
commence  business  in  Boston,  ninety-five  at  least,  die  poor ;  that 
of  the  same  number  in  New  York,  not  two  ultimately  acquire 
wealth,  after  passing  through  the  intermediate  process  of  bank 
ruptcy  ;  while  in  Philadelphia,  the  proportion  is  still  smaller. 

By  the  statistics  of  bankruptcy  under  the  uniform  bankrupt 
law  in  1841, 

The  number  of  applicants  for  relief  under  that 

law  were 33,789 

The  number  of  creditors  returned         .         .  1,049,603 

The  amount  of  debts  stated          .         .         .       440,934,615 
The  valuation  of  property  surrendered  .         43,697,307 

If  this  valuation  were  correct,  nearly  ten  dfents  would  have  been 
paid  on  every  dollar  due }  but  what  was  the  fact  ? 


214  A   PRACTICAL    TREATISE 

In  the  Southern  district  of  New  York,  one  cent  was  paid,  on  an 
average  for  each  dollar  due;  in  the  Northern  district,  13f,  being 
by  far  the  largest  dividend.  In  Connecticut,  the  average  di\7idend 
was  somewhat  over  a  half  cent  on  each  dollar. 

In  Mississippi,  it  was  .         .         6  cents  to  $1,000 

"  Maine  ....  J  cent  "        100 

"  Michigan  and  Iowa         .         .  *     "    "        100 

"  New  Jersey  ...         4  cents  to        100 

"Tennessee  .  .  .  .  4J  «  «  100 
« Maryland  .  .  %  .  .  1  dollar  to  100 
"  Kentucky  ....  8  dollars  to  1,000 
«  Illinois  ....  1  dollar  to  1,500 

"  Pennsylvania,  East  Virginia,  South  Alabama,  AVash- 
ington,  nothing. 

Palmer's  Almanac,  1849. 

After  making  every  possible  allowance  for  the  enhancement  of 
this  enormous  amount  of  debt  by  inflation  of  values,  speculative 
prices,  &c.,  the  proportion  of  $400,000,000,  lost  by  those  of  the 
1,049,603  creditors  who  were  engaged  in  proper  and  legitimate 
business,  must  still  have  been  immense,  and  may  justly  be  charged 
against  the  profits  of  our  regular  commerce.  These  things  being 
so,  our  system  of  trade  should  be  characterized,  not  as  a  system  of 
exchange,  but  as  a  system  of  bankruptcy,  tending  to  the  ruin  of 
all  who  engage  in  it ;  the  exceptions  being  only  numerous  enough 
to  prove  the  rule." 

CHANCES    IN    CINCINNATI. 

C.  Cist,  of  Gist's  Cincinnati  Advertiser,  the  statist  of  that  city, 
published,  some  two  or  three  years  ago,  the  following  result  of  his 
investigations  : — 

"  The  avidity  with  which  young  men  crowd  those  avenues  in  life 
in  which  there  is  a  chance  of  making  money  with  rapidity,  or  of  ac 
quiring  political  or  social  distinction  and  eminence,  is  the  more  re 
markable,  when  it  is  apparent,  on  the  surface  of  the  subject,  that  they 
are  venturing  in  a  lottery  in  which  ther'e  are  many  blanks  to  one 
prize.  A  few  acquire  the  object  of  their  pursuit ;  the  mass  sink  into 
obscurity  and  insignificance. 


ON    BUSINESS.  215 

"  Take,  for  example,  mercantile  pursuits.  It  is  the  experience  and 
observation  of  intelligent  persons  in  the  East,  that  there  is  hardly  a 
firm  in  existence  now  which  did  business  twenty  years  ago  ;  and  that 
nine  out  of  ten  in  mercantile  life,  in  the  long  run,  amidst  the  fluctu 
ations  of  trade,  are  broken. 

"  Let  me,  however,  bring  the  subject  nearer  home.  I  had  prepared 
a  list  of  the  principal  active  business  men  who  were  in  trade,  twenty 
years  ago,  in  Cincinnati,  of  which  a  brief  extract  is  all  that  I  have 
space  for  in  these  columns.  In  place  of  giving  names,  I  shall  distin 
guish  them  by  numbers. 

"No.  1.  Broke  ;  resumed  business  ;  has  since  left  Cincinnati. 

"     2.  Broke  ;  resides  in  Indiana. 

"     3.  Broke  ;  and  now  engaged  in  collecting  accounts. 

"     4.  Died. 

"     5.  Now  captain  of  a  steamboat. 

"  6.  Left  merchandising  to  put  up  pork,  which  business  he  also 
quit  in  time  to  save  his  bacon  :  independent  in  circum 
stances. 

"     7.  Dead. 

"     8.  Broke  ;  resides  at  St.  Louis. 

"  9.  A  firm  ;  one  of  the  partners  dead  ;  the  other  out  of  business  ; 
both  insolvent. 

"  10.  Partners ;  both  dead. 

"  11.  Partners  ;  broke  ;  one  now  a  book-keeper,  the  other  dead. 

"  12.  Became  embarrassed,  and  swallowed  poison. 

"  13.  A  firm  ;  broke. 

"  14.  A  firm  ;  broke  ;  one  of  the  partners  died  a  common  sot;  the 
others  left  the  city. 

"  15.  Broke,  and  left  the  city. 

"  16.  A  firm  ;  all  its  members  out  of  business. 

"  17.  A  firm  ;  senior  partner  dead. 

"  18.  A  firm  ;  senior  partner  dead,  junior  resides  at  Toledo. 

"  19.  Is  now  a  clerk,  and  left  Cincinnati,  after  becoming  intempe 
rate.  • 

"  20,  21,  22,  23.     Died  intemperate. 

"  26.  A  firm  ;  one  of  the  partners  in  another  business  ;  one  re 
moved  to  New  York,  and  one  a  clerk. 

"  27.  Broke  ;  and  drowned  himself  in  the  Ohio. 

"  28.  Broke  ;  died  of  delirium  tremens. 

"  29,  35,  36,  37,  38.     Broke,  and  removed  to  other  cities. 


216  A   PRACTICAL    TREATISE 

"  32.  Out  of  business,  having  broke  three  times. 
"  33.  Broke ;  now  dealing  in  flour 

"  My  list  comprehends  some  400  business  men,  of  which  the  above 
is  a  sample.  I  know  of  but  Jive  now  in  business  who  were  so  twenty 
years  since.  Such  is  mercantile  success." 

We  regret  to  say  that  our  inquiry,  as  to  the  chances  of  sucsess 
in  mercantile  pursuits,  has  resulted  somewhat  unfavorably.  The 
reflections  excited  by  the  foregoing  statements,  from  undoubted 
authority,  are  any  thing  but  flattering  to  those  embarking  in  busi 
ness  with  the  ardent  desire  of  sudden  acquisition,  and  indulging 
in  golden  visions  of  easily  acquired  affluence.  Taking  the  expe 
rience  of  the  past  as  a  criterion,  there  are,  indeed,  many  chances  to 
one  that  he  who  to-day  launches  his  bark  on  the  troubled  sea  of 
mercantile  speculation,  will,  in  a  very  few  years,  find  his  vessel 
drawn  within  a  maelstrom,  or  stranded  upon  a  rock.  The  picture 
is  discouraging,  and  we  need  all  the  philosophy  we  can  muster. 
We  must  recollect  that  "  partial  evil  is  universal  good." — We 
must  remember  that  every  man  is  the  artificer  of  his  own  fortune, 
whether  it  be  in  the  struggle  for  literary  or  political  honors,  or  in 
the  sharper  strife  for  material  wealth.  We  must  hope  that  it  was 
by  departing  from  the  plain  and  well-established  maxims  of  com 
mon  caution  that  men  invited  disaster  upon  their  enterprises,  and 
that  with  greater  caution,  prudence,  and  the  aid  of  improved  expe 
rience,  we  may  Escape  their  fate. 

These  statements  come  with  a  different  meaning  to  different 
men.  They  are  encouraging  incentives  to  perseverance  for  those 
who  have  resolved  on  pursuing  a  steady,  prudent  course,  without 
being  allured  from  it  by  attractive  appearances.  They  are  homilies 
on  humility  for  the  attention  of  the  proud — on  kindness  to  the  un 
fortunate,  for  the  selfish — on  the  need  of  light  and  information,  for 
all.  They  are  fruitful  of  stern  rebuke  to  those  false  teachers  who 
preach  up  prodigality  by  preaching  down  economy,  and  to  that  fool 
Thompson  who  said  that  "  l  a  penny  saved  is  a  penny  got/  is  a 
scoundrel  maxim ;"  and  they  are  a  balm  of  consolation  to  the 
honest  bankrupt,  who  is  mourning  over  his  failure,  and  will  not  be 
comforted,  for  he  may  see  that  he  is  in  a  goodly  company,  and  can 


ON    BUSINESS.  217 

call  upon  immense  numbers  to  unite  with  him  in   singing  the 
chorus  of  the  old  song, 

"  Let  us  all  be  unhappy  together." 

As  to  the  causes  of  failures, -we  are  sorry  to  say  that  we  have  not 
been  able  to  find  any  satisfactory  statistics.  We  are  surprised  at 
this,  because  it  is  a  subject  that  should  engage  the  attention  of 
the  statist  above  all  other  subjects.  Government  even  would  not 
misapply  their  surplus  funds  in  undertaking  an  extended  and  ela 
borate  investigation  of  the  matter,  as  it  would  probably  conduce 
more  to  the  general  good  than  many  of  their  investments.  When 
the  "  death-shots  fall  thick  and  fast  •"  when  a  crisis  comes,  as  it  is 
called,  men's  minds  become  excited,  and  they  anxiously  inquire  for 
some  immediate  cause;  but  when  houses  "fall  single  and  alone," 
the  business  world  wags  on  in  presumptive  security — though  each, 
it  seems,  must  take  his  turn — and  no  general  investigation  is  had. 
Let  us  add  our  humble  note  of  invitation  to  the  patriotic  and  intel 
ligent  statisticians  of  the  country  that  they  attend  to  this  matter. 

We  find  the  following  in  the  "  Report  of  his  Majesty's  Commis 
sioners  for  inquiring  into  the  Administration  and  Practical  Opera 
tion  of  the  Poor  Laws,  1834." 

Mr.  Green,  one  of  the  official  assignees  in  cases  of  bankruptcy, 
gave  the  subjoined  return  : — 

"  As  far  as  I  can  recollect,  from  the  books  and  documents  fur 
nished  by  the  bankrupts,  it  seems  to  me  that  14  have  been  ruined 
by  speculations  in  things  with  which  they  were  unacquainted ;  3  by 
neglected  bookkeeping;  10  by  trading  beyond  their  capital  and 
facile  means,  and  the  consequent  loss  and  expense  of  accommoda 
tion  bills;  49  by  expending  more  than  they  could  reasonably  hope 
their  profits  would  be,  though  their  business  yielded  a  fair  return  ; 
none  by  any  general  distress,  or  the  falling  off  of  any  particular 
branch  of  trade." 

Another  officer  states  : — 

"  The  new  court  has  been  open  upwards  of  eighteen  months, 
during  which  period  52  cases  of  bankruptcy  have  come  under  my 
care.  To  the  best  of  my  judgment,  not  one  of  them  can  be  attri 
buted  to  any  general  distress.  It  is  my  opinion  that  32  of  them 

19 


218  A    PRACTICAL    TREATISE 

have  arisen  from  an  imprudent  expenditure,  and  5  partly  from  that 
cause,  and  partly  from  a  pressure  on  the  business  in  which^  the 
bankrupt  was  employed— 15  I  attribute  to  imprudent  speculation,?, 
combined,  in  many  instances,  with  an  extravagant  mode  of  life. 
Among  these  fifteen  I  find  a  tailor,  in  a  very  small  way  of  business, 
borrowing  money  to  become  the  owner  of  a  West  India  ship  trading 
to  Jamaica,  a  concern  with  which  he  was  wholly  unacquainted ; 
consequently,  he  was  cheated  in  every  way  and  speedily  ruined.    A 
London  publican,  having  a  slight  knowledge  of  science,  neglects 
his  business  here  and  goes  over  to  France,  for  the  purpose  of  enter 
ing  into  a  contract  with  the  French  authorities  for  the  supply  of 
Paris  with  water.     A  working  goldsmith,  never  having  had  £10, 
takes  Seville  House,  Leicester  Square,  and  engages  singers  and 
musicians  for  the  purpose  of  establishing  concerts.    The  32  classed 
as  failing  through  imprudences  in  their  mode  of  living,  include 
many  whose  necessities,  leading  them  to  resort  to  accommodation 
bill  transactions,  have  become  the  prey  of  money-lenders  and  their 
attendant  harpies,  the  inferior  class  of  solicitors." 

We  think — but  we  desire  to  know  the  fact  by  an  extended  in 
vestigation—that  the  causes  of  failure  are  as  numerous  and  as  varied 
as  the  follies  and  misfortunes  of  mankind ;  that  there  is  no  t)ue 
deep-seated  evil  to  which  all  can  be  ascribed.  We  think— but  we 
would  like  to  be  certain  of  it — that  the  causes  to  which  the  ma 
jority  of  the  failures  above  mentioned  are  ascribed,  will  be  found 
to  be  the  principal  causes  of  failure  in  all  countries  and  at  all  times. 
In  the  most  simple  operation  of  commercial  speculation,  under 
our  present  system,  there  are  more  possible  chances  of  failure  than 
there  are  of  success.  We  might  illustrate  this,  and  at  the  same 
time  enumerate  some  of  the  causes  of  failure,  by  a  supposition  sug 
gested  by  the  following  story,  related  by  the  Rev.  J.  W.  Higgison, 
of  Newburyport : — 

"  One  of  the  most  eminent  literary  men  of  this  country  once  told 
me  that,  many  years  since,  when  a  boy  on  a  farm  he  had  permis 
sion  given  him  to  sell  for  himself  a  calf  of  his  own  raising;  and 
that  he  remembered  so  vividly  the  struggles  of  mind  he  went 
through,  the  bitter  anxieties  of  hope  and  fear,  the  intense  tempta 
tion  to  extort  more  than  the  animal  was  strictly  worth-,  and  contrive 


ON    BUSINESS.  219 

little  plots  to  conceal  its  defects  and  exaggerate  its  merits,  that  the 
experience  comes  back  to  his  mind  to  this  day,  when  he  felt  espe 
cially  indignant  at  the  baseness  of  commerce,  and  made  him  more 
charitable  to  the  offender,  remembering  that  he  also  had  been 
tempted." 

We  cannot  stop  to  compliment  "  the  most  eminent  literary  man 
of  this  country"  on  his  exquisite  sensibility;  nor  to  congratulate 
him  on  his  good  fortune  in  abandoning  further  thoughts  of  com 
mercial  ventures  for  literary  pursuits ;  but  must  proceed  to  our 
supposition.  Suppose  that  the  nerves  of  this  lad  had  been  a  little 
stronger — that  he  had  felt  himself  able  to  manage  more  than  one 
calf,  and  had  purchased  two  others  on,  say  three  months'  credit,  at 
six  dollars  each,  with  a  view  of  taking  them  to  a  distant  market 
and  selling  them  at  a  profit;  what  causes  might  have  contributed  to 
his  failure,  and  what  were  his  chances -of  success  ?  First,  Accident : 
As  his  calves  dying,  or  escaping,  or  being  stolen,  would  have  caused 
his  failure.  Secondly:  A  want  of  judgment  as  to  the  value  of 
calves ;  so  that  he  finds  the  butchers  will  not  give  cost,  will  cost  his 
failure.  Trusting  them  to  agents  to  sell  who  prove  dishonest,  or 
taking  in  a  partner  with  him  who  cheats  him,  will  ruin  him.  Sup 
pose  that  his  hotel  expenses,  in  consequence  of  a  failure  of  the 
crops,  are  unexpectedly  greater  than  the  profits — he  must  suspend. 
A  failure,  then,  of  the  agricultural  productions  of  the  country,  or 
a  great  and  sudden  expansion  of  the  currency,  and  the  consequent 
high  prices  of  food,  causes  failures.  A  great  depression  in  the 
market  price,  in  consequence  of  an  excess  of  supply,  at  a  time 
when  he  must  sell,  will  also  compel  him  to  suspend. 

Suppose  that  he  is  induced  to  sell  to  a  butcher  on  credit,  and,  in 
the  mean  time,  low  prices  of  produce,  or  a  scarcity  of  money  ren- 
•der  the  farmers  unable  to  pay  their  debts  to  the  country  storekeep 
ers — and  they  the  city  merchant — and  the  merchant  the  importer 

— and  the  importer  the  money  borrowed  from  the  butcher and 

the  butcher  the  lad — the  lad  must  fail.  A  superabundance  of  the 
agricultural  productions  of  the  country,  or  a  contraction  of  the 
currency,  and  the  consequent  low  prices  of  produce,  may  cause  a 
general  failure.  Suppose  that  he  takes  paper  money  in  payment-, 
and  the  banks  explode,  or  having  received  gold  and  silver,  he  is 


220  A    PRACTICAL   TREATISE 

agreeably  elated,  and  attempts  to  keep  it  up  by  stimulants  which 
result  in  difficulty  and  expense  ;  he  must  fail.  Bad  morals,  as 
well  as  bad  currency,  are  a  cause  of  failure.  Extravagance  in 
living — certain  expenses  while  his  profits  are  uncertain — will  be 
certain  to  ruin  him.  The  purchase  of  a  lot  with  a  view  of  selling 
it  at  a  profit  before  his  note  falls  due,  and  property  falling,  will 
compel  him  to  make  an  assignment.  Suppose,  finally,  that  he  sells 
his  calves  at  a  profit  of  two  dollars  each,  over  and  above  all  expen 
ses — gets  safely  home  without  being  robbed,  or  losing  his  money 
— and  pays  his  debt  promptly — why  he  has  made  six  dollars,  and 
is  a  successful  merchant. 

"Oli !  if  this  were  seen, 

The  happiest,  youth — viewing  his  progress  through 
What  perils  past,  what  crosses  to  ensue, 
Would  shut  the  book,  and  sit'him  down  and  die." 

Failures  in  general,  I  think,  may  be  ascribed  to  four  general 
causes  :  Accidents;  bad  legislation;  defective  personal  habits;  and 
excessive  use  of  credit. 

Accidents  do  not  occur  so  frequently  as  we  might  suppose.  In 
surance  will  guard  against  loss  from  some,  and  prudence  against 
others ;  but  loss  may  occur  in  spite  of  both,  and  in  such  cases  there 
is  no  remedy.  A  failure  of  the  crops,  or  surplus  production,  causes 
a  great  inconvenience  for  a  time,  but  it  is  soon  over;  and  those 
who  have  conducted  their  business  on  certain  sound  principles, 
maintaining  a  due  portion  of  liabilities  to  capital,  can  survive  the 
pressure. 

Bad  and  unstable  legislation  are  frequent  causes  of  serious  em 
barrassment.  Unstable  legislation  is  as  prejudicial  to  the  business 
interests  of  a  country  as  unjust  laws.  It  causes  difficulty  in  two 
ways.  Men  who  have  invested  their  capital  on  the  faith  of  exist 
ing  laws  are  liable  to  a  serious  loss  from  a  change  of  the  laws ;  and, 
on  the  other  hand,  capitalists,  aware  of  this  predisposition  to  change, 
are  timid  in  their  investments,  preferring  less  profit  and  greater 
certainty.  The  consequence  of  this  is  that  the  profits  of  some 
kinds  of  business  are  reduced  below  the  average,  while  other  pro 
ductive  interests  are  only  partially  developed.  In  no  country  in 
the  world  is  legislation  so  vacillating  as  in  the  United  States;  and 


ON    BUSINESS.  221 

no  other  country  in  the  world  could  have  borne  an  equal  amount  of 
it  without  entire  prostration.  It  is  a  fault  of  both  our  National  and 
State  governments,  and  always  will  be  a  fault,  while  party  interests 
predominate  over  patriotism.  Men  of  both  parlies  should  unite  in 
exempting  the  interests  of  trade,  at  least,  from  the  operation  of 
political  influences.  Wise  laws  will  not  prevent  failures;  but  they 
will  prevent  those  failures — and  they  are  not  a  few — that  arise 
from  unwise  or  unstable  laws.* 

But  legislation,  in  a  representative  government  like  our  own, 
can  be  remedied  by  the  choice  of  wise  legislators.  The  remedy  is 
entirely  in  the  hands  of  those  who  are  aggrieved  by  it.  The  pro 
minent  mental  attribute  of  a  good  legislator  is,  soundness  of  judg 
ment.  He  should  also  possess  stern  integrity  and  business  habits. 
Ability  in  discussion  is  no  recommendation,  but  a  decided  disad 
vantage  ;  and  is  rarely  associated  with  superior  judgment.  The 
man  who  can  make  a  three  hours'  speech  is  prima  facie  incompe 
tent  for  a  legislator ;  and  those  who  have  spent  a  considerable  por 
tion  of  their  life  in  the  practice  of  the  law  are  of  the  same  category. 
They  fall  under  Bacon's  censure,  subject  of  course  to  be  rebutted 
by  unquestionable  testimony,  of  desiring  "  rather  commendation  of 
wit  in  being  able  to  hold  ail  arguments,  than  of  judgment  in  dis 
cerning  what  is  true,  as  if  it  were  a  praise  to  know  what  might  be 
said,  and  not  what  should  be  thought"  But  these  men  also  have 
their  place  and  their  duties  to  discharge  as  good  citizens  ;  .these  are, 
to  discuss  questions  before  the  people,  and  suggest  arguments  that 
should  be  duly  considered  by  the  legislators  in  forming  their 
opinion.  The  acts  of  the  legislature  should  be  the  embodied  opin- 

*  "  We  have  referred  to  convertible  and  inconvertible  currency.  Do  you 
think  that  any  system  of  currency,  convertible  or  inconvertible,  can  be  de 
vised,  in  which  occasional  periods  of  commercial  distress  will  not  arise,  as 
long  as  commercial  transactions  are  entered  into  by  parties  almost  without 
limitation  beyond  their  means  ?"  "I  do  not  think  it  possible — I  do  not  think 
that  any  system  of  currency  that  any  human  being  can  devise  can  correct 
the  follies  of  mankind.  There  are  always  some  people  who  will  speculate 
beyond  their  means  ;  but  under  a  proper  system,  there  would  not  be  whole  rov:s 

of  perfectly  innocent  people  knocked  down  as  there  have  been  lately." CHAHI.ES 

TURNER.     Parliamentary  Committee  Rep. 

19* 


222  A    I'RACTJCAL    TREATISE 

ion  of  the  majority  of  disinterested  jurors,  who  have  taken  but 
little  part  in  the  discussion,  and  who  were  chosen  for  the  marked 
soundness  of  their  judgment. 

The  Parliament  of  ()r eat  Britain,  though  not  enlightened,  and  far 
from  perfect,  has  points  of  superiority  over  our  legislatures,  as  is 
evidenced  in  the  stability  of  their  legislation.  They  err,  probably, 
in  the  other  extreme.  "  The  House  of  Commons  wastes  little, 
either  of  time  or  power.  Its  members  are  averse  to  rhetoric,  and 
fiercely  intolerant  of  abstractions.  You  will  hear  among  them 
little  fine  speaking,  but  much  sensible  talking,  What  is  once  set 
tled  there  is  settled  forever.  They  will  endure  no  rigmarole  abou-t 
the  rights  of  man,  and  the  eternal  fitness  of  things,  and  the  shades 
of  Hampden  and  Sydney.  Many  things  are  taken  for  granted,  to 
the  great  saving  of  time  and  strength.  Provided,  too,  that  their 
work  is  done,  they  care  very  little  how  it  looks.  Acts  of  Parlia 
ment  are  often  clumsily  drawn,  but  they  generally  hit  the  griev 
ance  between  wind  and  water.  Every  thing  is  for  use,  and  nothing 
for  show.  Parliament  is,  in  short,  a  facto?')/  for  the  making  of  laws, 
and  they  will  no  more  listen  to  a  professor's  discourse  on  the  prin 
ciples  of  legislation,  than  the  operatives  in  a  mill  at  Lowell  would 
leave  off  their  work  to  hear  a  lecture  on  the  force  of  gravity,  or  the 
pressure  of  fluids."  Those  men  who  have  manifested  the  greatest 
judgment  and  prudence  in  the  management  of  their  private  busi 
ness  should  be  selected  as  legislators,  and  their  votes,  not  their 
speeches,  should  be  the  tests  of  their  merit. 

Defective  personal  habits  can  be  remedied  by  "a  remove  of  the 
impediments  of  the  mind."  Intemperance  is  a  habit  that  is  almost 
certain  to  result  in  failure  Even  the  moderate  use  of  alcoholic 
stimulants  to  the  man  whose  business  requires  a  clear  intellect  and 
constant  prudence  is  attended  with  danger.  It  clouds  the  percep 
tion,  and  creates  a  feeling  of  boldness  and  recklessness,  that  may, 
in  a  moment,  thwart  the  best  laid  plans  of  years.  The  business 
man  who  indulges  at  all  in  artificial  stimulants  can  never  be  sure 
of  himself.  One  glass  at  certain  times  will  produce  more  intoxi 
cation  than  five  at  other  times.  Occasional  periods  of  excess,  though 
more  disgusting,  are  less  dangerous  than  habitual  tippling,  pro 
vided  the  debauchee  takes  the  precaution  to  transfer  his  business  in 


ON    BUSINESS.  22o 

the  mean  time  to  another,  and  not  to  resume  it  until  every  drop  is 
purged  from  the  system.  In  all  cases,  however,  the  effect  is  grad 
ually  to  undermine  energy,  to  impair  moral  principle,  to  provoke 
an  irritability  of  the  system  which  renders  us  liable  to  be  impolite 
to  customers,  and  to  quarrel  in  unguarded  moments  with  those 
with  whom  it  is  our  interest  to  be  most  friendly.  Experience 
has  shown  that  it  was  full  of  danger  under  the  old  plan  of  few  sales 
and  large  profits,  and  common  sense  warns  us  against  it,  under  the 
new  plan  of  quick  sales  and  small  profits. 

A  departure  from  regular  business  is  a  personal  matter  that  fre 
quently  results  in  failure.  Men  become  dissatisfied  with  the  slow 
gains  of  the  calling  with  which  they  are  acquainted,  and  suffer 
themselves  to  be  enticed  from  it  by  stories  of  fortunes  which  have 
been  acquired  in  other  pursuits.  There  is  scarcely  a  business  that 
can  be  named,  in  which  all  have  failed ;  and  those  who  make  the 
success  of  others  their  plea  for  change,  may  spend  their  lives  in 
changing  their  plans. 

Every  business  has  its  peculiarities  and  its  mysteries,  that  cannot 
be  acquired  by  intuition.  Practice  must  make  perfect.  All  who 
have  followed  a  certain  occupation  for  twenty  years  will  readily 
perceive  that,  although  they  thought  themselves  wise  when  they  be 
gan  their  career,  they  were  exceedingly  ignorant.  The  tendency  of 
business,  as  civilization  progresses,  is  to  subdivision  of  employments ; 
and  those  who  attempt  to  resist  it  by  a  combination  of  several 
kinds  in  their  own  hands,  even  though  apparently  connected,  are 
generally  forced  to  regret  it.  In  the  dry-goods  business,  for  in 
stance,  there  seems  to  be  a  growing  disposition  to  combine  retailing, 
jobbing,  and  importing,  in  the  same  hands,  and  as  it  is  a  violation 
of  the  general  law,  it  is  likely  to  result  unfavorably.  The  Dry- 
Goods  Reporter,  in  1848,  made  some  appropriate  remarks  on  this 
subject : — 

"  The  position  of  the  jobber  and  importer  can  be  illustrated 
better  by  an  anecdote,  which  we  heard  yesterday  from  undoubted 
authority.  A  jobber  who,  one  year  since,  was  affected  with  the 
inporting  mania,  and  followed  the  business  successfully  during  the 
year  1847,  realizing  therefrom  over  two  thousand  dollars,  says  he 
would  willingly  give  all  the  money  he  made  in  '47,  and  five  hun- 


224  A    PRACTICAL    TREATISE 

dred  dollars  added  thereto,  to  be  rid  of  his  imports  for  '48.  Many 
will  say  this  was  all  owing  to  circumstances,  which  probably  might 
not  happen  again  in  years,  and  that  the  importers  were  all  in  the 
same  boat.  Softly,  man  ;  this  is  not  exactly  so.  Upon  inquiry 
you  will  find  that  but  few  of  the  present  quantities  of  excess 
goods  belong  to  our  importers.  They  are  merely  the  factors  ;  the 
ownership  rests  elsewhere,  and  the  heavy  loss  (for  a  heavy  loss 
must  be  sustained  on  this  spring's  imports)  will  fall  upon  Europe, 
and  not  be  sustained  here. 

"Importers,  who  are  pecuniarily  interested  in  the  price  at  which 
goods  are  sold  in  this  country  have  some  connecting  branch  or  resi 
dent  partner  in  Europe,  whose  duty  it  is  to  watch  the  market  there. 
The  exports  from  thence  is  the  barometer;  and  when  such  times 
as  the  present  are  upon  us,  we  find  that,  although  seemingly,  and  in 
reality  have  goods  enough  on  hand,  they  belong  to  other  parties, 
and  in  many  instances  have  been  shipped  against  their  advice.  So 
sensitively  alive  are  these  resident  partners  in  Europe  to  the  ex 
ports,  that  we  have  heard  of  £5  having  been  paid  for  the  outward 
manifest  of  a  ship  bound  to  the  United  States. 

"  We  have  been  frequently  amused  at  the  remarks  of  Zadock 
Pratt,  Esq.,  ex-member  of  Congress — a  man  of  strong  common 
sense,  who  was  originally  a  tanner  by  trade.  A  speculator  was 
showing  him  a  new  method  of  tanning,  by  which  he  represented 
great  quantities  of  money  could  be  made.  Pratt  told  him  he  did 
not  doubt  it,  but  he  was  making  money  enough ;  that  he  (the  spe 
culator)  had  better  find  some  one  who  was  not  doing  so  well.  He 
has  resisted  all  attempts  to  allure  him  from  his  legitimate  business, 
and  by  close  application  has  amassed  a  quarter  of  a  million. 

"Our  advice  is  to  the  retailer,  do  not  attempt  to  job;  to  the 
jobber,  leave  importing  alone;  and  to  the  importer,  allow  not  the 
offer  of  an  extra  price  induce  you  to  break  a  package,  for  it  is  as 
completely  unjust  for  you  to  rob  the  jobber  of  his  legitimate  profit 
as  it  would  be  for  the  jobber  to  retail  goods.  We  say,  emphatically, 
'  Stick  to  your  regular  business.'  '; 

The  division  and  subdivision  of  employments  is  favorable  to  the 
success  of  all,  and  "  to  depart  from  regular  business  is  to  lose 
money." 


ON    BUSINESS.  225 

The  last  of  the  habits  purely  personal  that  we  shall  notice  is 
— extravagance  in  expenditure.  This  seems  to  be  the  most  serious 
in  its  results  of  all.  According  to  our  statistics,  two-thirds  at 
least  of  the  failures  are  ascribed  to  an  imprudent  expenditure  of 
"  more  than  they  could  reasonably  hope  their  profits  would  be, 
though  their  business  yielded  a  fair  return.7'  This  is  a  matter  of 
astonishment.  It  conflicts  with  all  our  received  ideas  that  men 
manifest  great  shrewdness  in  matters  which  affect  their  own  interest. 
It  is  an  indisputable  truth,  we  think,  that  a  man  who,  in  collecting 
pebbles  or  pearls,  will  scatter  with  his  left  hand  al^that  he  collects 
with  his  right,  cannot  get  a  "  heap ;"  that  he  who  spends  as  much 
as  he  makes  cannot  increase  his  wealth ;  and  that  he  who  spends 
more  than  he  makes  will  increase  his  poverty  wonderfully.  How 
shall  we  account  for  this  ruinous  propensity  ?  To  what  cause  shall 
we  ascribe  it  ?  Have  the  feminine  portion  of  the  world  any  thing 
to  do  with  it  ?  It  certainly  cannot  be  that  men  of  themselves  are 
so  weak  as  to  allow  a  petty  ambition  for  show,  for  expensive  toys 
and  trinkets,  to  derange  the  weightier  matters  of  business.  It 
must  be  that  the  devil  is  at  his  old  tricks,  working  for  the  downfall 
of  mankind,  and,  having  succeeded  so  well  with  mother  Eve,  is 
still  operating  to  the  same  end,  through  her  daughters. 

A  writer  in  the  Providence  Journal  makes  "some  calculations 
to  show  that  the  failure  of  nine-tenths  is  directly  attributable  rather 
to  a  profuse  expenditure  of  their  gains  in  living  beyond  their  in 
come,  and  to  rashly  extended  operations,  undertaken  to  sustain 
such  a  career,  than  to  the  generally  unrequiting  nature  of  business 
pursuits.  It  appears  by  a  recent  statistical  report,  that  one-half 
of  the  whole  property  of  Providence,  with  a  population  of  40,000, 
is  in  the  hands  of  175  individuals.  It  will  be  found,  on  investi 
gation,  that  the  large  estates  of  the  175  individuals  who  possess 
one-half  of  the  whole  property  in  this  city,  have  been  solely  ac 
quired  by  persevering  diligence  and  economy,  rather  than  by  bold 
enterprises ;  which,  when  successful,  induce  reckless  habits,  like 
success  in  drawing  the  prizes  in  a  lottery. 

Every  one  becomes  surprised  in  examining  the  Annuity  tables 
in  familiar  use  in  the  offices  of  Life  Insurance  Companies,  at  the 
astonishing  aggregate  amount  of  the  daily  expenditures  of  small 


226 


A   PRACTICAL    TREATISE 


sums,  compounded  with  interest,  and   finally  summed  up  at  the 
termination  of  a  long  life,  as  exhibited  in  the  following  abstract : — 

TABLE  SHOWING  THE  AGGREGATE  VALUE,  WITH  COMPOUND  INTEREST. 


Daily  Expenses 

In  10 

years. 

In  20 

years. 

In  30 
years. 

In  40 

years. 

In  50 

years. 

2|  cents  a  day  or  $10  a  year  $130 

$360 

$790 

$1,540 

$2,900 

5* 

20 

"      260 

720 

1 

,580 

3,080 

5,800 

QI                  « 

30  - 

390 

1,080 

2 

,370 

4,620 

8,700 

1 

40 

"       520 

1,440 

3 

,160 

5,160 

11,600 

o  3_                   a 

50 

"       650 

1,860 

3 

,950 

7,700 

14,500 

V\ 

100 

"    1,300 

3,600 

7 

,900 

15,400 

29,000 

.5 

200 

"    2,600 

7,200 

15 

,800 

30,800 

58,000 

12* 

300 

"    3,900 

10,800 

23 

,800 

46,200 

87,000 

.0 

400 

•'    5,200 

14,400 

31 

,600 

51,600 

116,000 

;7 

500 

"    6,500 

18,000 

39 

,500 

77,000 

145,000 

By  reference  to  the  preceding  table,  it  appears  that,  if  a  laboring 
man,  a  mechanic,  unnecessarily  expends  only  2f  cents  per  day  from 
the  time  he  becomes  of  age  to  the  time  he  attains  the  age  of  three 
score  and  ten  years,  the  aggregate,  with  interest,  amounts  to  $2,900  ; 
and  a  daily  expenditure  of  27  J  cents  amounts  to  the  important  sum 
of  $29,000.  A  six  cent  piece,  saved  daily,  would  provide  a  fund 
of  nearly  $7,000,  sufficient  to  purchase  a  fine  farm.  There  are  few 
mechanics  who  cannot  save  daily,  by  abstaining  from  the  disgust 
ing  use  of  tobacco,  from  ardent  spirits,  visiting  theatres,  &c.,  twice 
or  thrice  the  above  stated  amount  of  a  six  cent  piece.  The  man 
in  trade  who  can  lay  l>y  about  a  dollar  per  day  will  find  himself 
similarly  possessed  of  $116,000,  and  numbered  among  the  one 
hundred  and  seventy-Jive  men  who  own  one-lidlf  of  the  property 
of  the  city  of  Providence. 

Few  people  estimate  the  large  sums  to  which  the  yearly  saving 
in  personal  and  household  expenses  will  accumulate.  Four  thou 
sand  dollars  a  year  is  not  an  uncommon  expenditure  for  merchants 
in  this  and  other  cities.  Half  a  century  ago,  $500  would  have 
been  regarded  as  a  sufficient  expenditure.  The  difference  between 
these  two  sums  for  fifty  years,  with  the  accumulation  of  compound 
interest,  reaches  the  enormous  amount  of  over  one  million  of  dol 
lars.  Extend  the  time  eleven  years,  and  this  sum,  great  as  it  is, 
becomes  doubled. 


ON    BUSINESS.  227 

The  preceding  calculations  are  sufficient  to  encourage  hope  of 
eventual  success  and  independence  in  the  bosoni  of  every  young 
man,  who,  on  commencing  business,  will  maintain  a  determined 
resolution  to  combine  industry  with  economy;  and  also  to  warn 
him  that,  without  economy,  the  opposite  result  of  bankruptcy  is 
frightfully  certain. 

With  the  plain  statements  of  actual  results  before  us,  it  cannot, 
therefore,  be  a  matter  of  surprise  that  the  present  general  preva 
lence  of  an  unrestricted  indulgence  in  showy  habits  of  dress  and  of 
living,  should  cause  the  failure  of  nine-tenths  of  the  men  who 
embark  in  business,  and  involve,  also,  the  prudent  and  careful,  on 
whom  must  fall  the  losses  caused  by  recklessness  and  extravagance 
in  every  form. 

The  true  value  of  money  consists  in  the  rational  use  of  it. 
Economy  becomes  a  vice  in  the  miser,  while  extravagance  becomes, 
on  the  other  extreme,  a  vice  in  the  spendthrift.  The  golden  mean 
lies  between  these  extremes.  By  applying  available  gains  for  the 
procurement  of  rational  comforts  and  enjoyment,  and  for  advance 
ment  in  moral  and  intellectual  culture,  we  fulfil  the  highest  desire 
of  our  nature." 

Excessive  use  of  credit  must  bear  a  portion  of  the  blame  attached 
to  extravagance  of  expenditure.  They  are  intimately  connected  and 
interwoven  with  each  other.  The  facilities  for  obtaining  credit 
tempt  men  to  an  extravagance  of  living,  and  an  imprudent  expend 
iture  compels  them  to  resort  to  accommodation  bills,  and  other 
means  of  supplying  their  necessities.  Dr.  Johnson  has  observed 
that "  he  that  once  owes  more  than  he  can  pay  is  often  obliged  to  bribe 
his  creditor  to  patience  by  increasing  his  debt.  Worse  and  worse 
commodities,  at  a  higher  and  higher  price,  are  forced  upon  him  ;  he 
is  impoverished  by  compulsive  traffic,  and  at  last  overwhelmed  in 
the  common  receptacles  of  misery,  by  debts  which,  without  his  own 
consent,  were  accumulated'  on  his  head/' 

The  credit  system  is  also  chargeable  with  tempting  the  sanguine 
into  "  speculations  in  things  with  which  they  were  unacquainted, 
ind  to  trading  beyond  their  capital  and  facile  means."  Men's  ambi 
tion  to  get  on  faster  than  prudence  will  justify  finds  a  ready  means 
of  gratification  through  the  facilities  for  obtaining  credit.  Capital 


228  A    PRACTICAL    TREATISE 

is  not  now  the  thing  needful  to  effect  any  change;  the  ability  to 
borrow  or  get  credit  is  all  that  is  necessary.  The  mechanic  can 
become  a  tradesman  or  a  doctor ;  the  shopkeeper  an  importer ;  a 
stonecutter  a  mill  owner ;  a  tailor  a  ship  owner ;  a  working  gold 
smith  can  take  Seville  House  to  give  concerts;  a  minister  of  the 
gospel  may  become  a  foreign  merchant ;  and  a  foreign  merchant,  a 
land  speculator,  and  act  the  capitalist. 

"  Some  fifteen  or  twenty  years  ago,  a  great  change  took  place 
here,  in  the  management  of  foreign  commerce.  It  was  through  an 
invention  for  substituting  a  bill  of  exchange  on  London,  which 
would  be  accredited  in  distant  countries,  in  place  of  the  usual  outfit 
of  inonpy  or  goods  on  which  foreign  voyages  had  been  conducted 
before.  It  was  no  longer  necessary  for  a  man  to  gather  up  his 
property,  and  put  it  in  hard  money,  or  in  a  cargo  newly  purchased, 
on  board  ship.  He  was  no  longer  reminded,  by  every  difficulty 
that  he  met,  in  providing  the  requisite  funds,  that  he  was  putting 
at  risk — perhaps  the  accumulations  of  his  life  ;  and  was  led,  there 
fore,  to  consider  well  what  he  was  about.  It  was  only  necessary 
for  him  to  satisfy  the  agent  of  some  European  banker  that  he  was 
able  to  bear  any  positive  loss  that  might  occur  at  the  end  of  a 
voyage ;  or,  if  not  so,  to  give  security  for  a  small  portion  of  the 
credit  which  would  cover  such  loss,  and  the  whole  business  of  the 
outfit  was  done  in  an  hour.  The  right  to  draw  the  bills  was  given, 
and  he  had  only  to  hire  a  vessel,  if  he  did  not  own  one,  and  dis 
patch  her;  or  to  join,  as  one,  in  making  up  a  voyage,  although  the 
whole  business  was  new  to  him.  The  vessel  might  be  sent  to  Can 
ton,  for  instance,  for  teas  or  silks.  To  pay  for  them,  bills  or  orders 
to  receive  money  in  London  would  be  given.  Although  the  China 
men  would  not  want  such  bills  for  their  own  use,  the  English,  from 
whom  they  purchase  manufactured  goods,  would  readily  take  the 
bills  in  payment ;  and  the  parties  here  would  receive  their  vessel 
back  with  a  fall  cargo,  for  which  they  would  have  to  make  payment 
in  London  after  it  should  be  sold. 

"  The  consequence  was,  that  great  facilities  were  offered  to  peo 
ple  to  engage  in  business  in  which  they  had  no  previous  experience, 
and  for  which  they  have,  in  many  cases,  suffered  severely  them 
selves,  besides  causing  the  downfall  of  several  important  banking- 


ON    BUSINESS.  229 

houses  in  Europe,  who  had  injudiciously  supplied  the  means,  and 
tempted  them  to  such  dangerous  folly. 

"  Within  the  same  period  there  has  been,  on  the  other  hand,  a 
great  expansion  of  the  currency  in  this  country.  The  value  of  real 
estate  appeared  to  be  increasing  surprisingly,  and  men  whose  proper 
business  is  foreign  commerce  have  been  tempted  to  withdraw  their 
capital  from  its  previous  uses,  while  this  contrivance  of  bills  enabled 
them  to  continue  their  usual  trade,  and  make  great  speculations  in 
lands,  in  hopes  of  sudden  wealth. 

"  Failures  have  succeeded,  and  the  unsuspicious  creditor,  who 
supposed  that  he  had  been  selling  his  goods  to  a  person  employed 
solely  in  domestic  manufactures,  for  instance,  finds  that  it  depended 
entirely  upon  the  success  of  a  Calcutta  voyage,  in  which  the  pur 
chaser  had  secretly  engaged,  whether  he  was  ever  to  be  paid.  Or 
he  finds  that,  while  he  supposed  that  he  had  sold  his  goods  to  a 
merchant  whose  attention  was  devoted  to  foreign  trade,  the  real 
capital  that  was  believed  to  be  in  that  trade  had  bceen  diverted  to 
the  purchase  of  prairies  at  the  West,  or  cotton  lands  at  the  South; 
and  that,  in  truth  -it  depended  upon  the  tide  of  emigration  to  some 
new  settlement  in  a  wild  country,  whether  he  was  ever  to  get  his 
payment.* 

Put  these  are  not  the  only  evils  of  the  credit  system.  Men  are 
not  only  enticed  by  it  to  forsake  the  business  with  which  they  are 
acquainted,  or  to  combine  with  it  imprudent  speculations,  but  to 
extend  their  legitimate  business  beyond  all  bounds  of  prudence  or 
calculation.  They  take  upon  themselves  obligations,  the  extent 
of  which  they  scarcely  know ;  they  connect  themselves  with  houses 
in  a  virtual  partnership,  over  whose  affairs  they  can  exercise  no 
control ;  they  suffer  their  business  to  grow  upon  them  until  it  gets 
beyond  their  powers  of  management,  and  they  are  compelled  to  re 
sign  it  to  agents  and  to  Providence.  This  is  not  all.  They  must 
live  in  a  manner  worthy  of  such  an  establishment ;  their  business  is 
as  remote  from  their  inspection  as  an  Irish  estate,  and  their  amuse 
ments  must  be  of  the  same  princely  order.  In  course  of  time, 
however,  their  dignity  and  business  collapse  together,  carrying 

*  Hon.  Thomas  G.  Cary. 
20 


230  A   PRACTICAL    TREATISE 

havoc  and  destruction  to  the  homes  of  innocent  and  unsuspecting 
creditors. 

The  anxiety  to  do  an  immense  business,  which  a  bloated  credit 
system  inordinately  sharpens,  also  leads  to  investments  in  improper 
mercantile  securities,  of  which  we  have  before  spoken,  and  to  the 
conversion  of  floating  into  fixed  capital.  The  reverses  that  befell 
the  houses  of  Messrs.  Palmer  &  Co.,  Messrs.  Ferguson  &  Co.,  and 
Macintosh  &  Co.,  whose  stoppage,  in  1880,  in  England,  inflicted  a 
tremendous  shock  on  the  India  trade,  were  immediately  traceable 
to  an  error  of  this  kind.  They  invested  their  own  capital,  and 
that  intrusted  to  them  by  others,  in  indigo  factories  in  India,  con 
ducting  their  home  business  on  credit,  and,  as  can  be  easily  under 
stood,  when  monetary  affairs  became  unsettled,  their  securities 
were  wholly  unmarketable  in  London,  and  they  were  compelled  to 
suspend.  Recent  failures  there  have  been  traced  to  the  same  cause. 
Messrs.  Reed,  Irving,  &  Co.,  who  failed  in  '46  or  '47,  for  an  im 
mense  sum,  sank  in  sugar  plantations,  in  the  Mauritius  alone,  three 
million  dollars.  Messrs.  Cower,  Nephews,  &  Co.,  sank,  in  the 
same  island,  upwards  of  a  million,  while  Cochrane  &  Co.  were 
implicated  in  indigo  factories  abroad. 

In  the  investigations  of  the  Parliamentary  Committee,  as  to  the 
causes  of  the  failures  in  London  in  '46  and  '47,  much  valuable  in 
formation  was  elicited.  Several  distinguished  merchants  gave  their 
opinion  as  to  what  constitutes  overtrading.  Charles  Turner,  a  mer 
chant  of  Liverpool,  says  :  "  The  brokers  have  been  in  the  habit, 
we  all  know  now  pretty  well,  not  only  of  advancing  upon  goods 
after  their  arrival,  to  meet  bills  drawn  against  those  goods,  which 
is  perfectly  legitimate,  and  upon  bills  of  lading,  which  to  a  certain 
extent,  might  also  be  done,  but,  beyond  that,  they  have  done  what 
is  perfectly  illegitimate  ;  they  have  advanced  upon  the  produce 
before  it  was  shipped,  and  in  some  cases  before  it  was  manufactured." 

At  another  place  he  says  :  "I  will  just  mention  one  fact;  there 
is  one  house  which  failed  in  London  the  other  day,  and  in  examin 
ing  their  affairs,  a  transaction  of  this  sort  was  found  to  have  taken 
place.  There  is  a  house  in  Manchester,  and  another  at  Calcutta; 
they  opened  a  credit  account  with  a  house  in  London  to  the  extent 
of  two  hundred  thousand  pounds;  that  is  to  say,  the  friends  of  this 


ON    BUSINESS.  231 

liouse  in  Manchester,  who  consigned  goods  to  the  East  India  house 
from  Glasgow  and  from  Manchester,  had  the  power  of  drawing 
upon  the  house  in  London  to  the  extent  of  two  hundred  thousand 
pounds ;  at  the  same  time  there  was  an  understanding  that  the 
corresponding  house  in  Calcutta  were  to  draw  upon  the  London 
house  to  the  extent  of  two  hundred  thousand  pounds ;  with  the 
proceeds  of  those  bills  sold  in  Calcutta,  they  were  to  buy  other 
bills,  and  remit  them  to  the  house  in  London,  to  take  up  the  first 
bills  drawn  from  Glasgow.  The  whole  of  this  was  not  carried  out, 
but  that  was  the  arrangement;  so  that,  if  the  arrangement  had 
been  fully  carried  out,  there  would  have  been  six  hundred  thousand 
pounds  of  bills  created  upon  that  transaction.  That  I  call  over 
trading." 

This  was  unquestionably  over-trading  on  a  large  scale.  It  is  these 
kinds  of  operations,  which  are  by  no  means  confined  to  London, 
that  do  more  harm  to  society  than  gambling  saloons  or  lottery 
offices.  They  create  false  views  of  failure,  and  surround  it  with  a 
species  of  meretricious  dignity.  A  marble  mason,  who  failed  in 
Philadelphia  about  a  year  ago,  for  one  hundred  and  thirty  thousand 
dollars,  without  being  able  to  pay  any  dividend  at  all,  is  considered 
to  have  elevated  that  trade  above  the  ordinary  mechanical  standard. 
His  failure  too,  it  may  be  remarked,  was  not  caused  by  any  dis 
asters  in  his  trade ;  but  to  trading  beyond  his  capital,  an  imprudent 
meddling  with  land  speculations,  bonus  operations,  and  their  con 
sequent  usurious  interest. 

What  are  the  remedies  for  an  excessive  use  of  credit  ?  The  re 
medies  are  of  two  kinds,  moral  and  legislative.  The  latter  falls 
within  the  province  of  the  political  economists,  and  we  will  not 
meddle  with  it.  We  hope  they  will  soon  get  through  refining  defi 
nitions,  and  attend  to  it.  We  venture,  however,  to  predict  that,  in 
less  than  fifty  years,  gold  and  silver  will  not  be  the  only  legal  ten 
der;  that  Government,  or  a  board  of  trade  under  Government  will 
have  power  to  issue  an  inconvertible  paper  money  in  quantities 
sufficient  to  facilitate  exchanges — the  only  use  of  money;  that 
banks  will  issue  no  bills,  but  act  as  comptrollers  of  credit — propor 
tioning  loans  to  capital,  as  experience  has  found  to  be  safe ;  that  all 
laws  for  the  collection  of  debts,  except  banker's  securities,  and  in 


232  A    PRACTICAL    TREATISE 

case  of  wages,  will  be  repealed,  and  transactions  between  individu 
als  reduced  to  a  cash  standard.  But,  until  the  laws  aid  us  in  keep 
ing  aloof  from  danger,  our  only  remedy  is  a  moral  or  personal  one. 
The  leading  causes  of  failure,  which  we  have  noticed,  are  founded 
on  a  desire  to  get  forward  too  fast — an  ambition,  on  the  one  hand, 
to  get  rich  without  labor,  and,  on  the  other,  an  impatient  desire  to 
enjoy  the  luxuries  of  life  before  we  have  earned  them.  We  must 
check  this  ambition  and  desire ;  we  must  amend  our  minds,  and 
curb  our  imaginations. 

"  As  for  the  true  marshalling  of  men's  pursuits  towards  their 
fortune/'  says  Bacon,  "  as  they  are  more  or  less  material,  I  hold 
them  to  stand  thus  :  first,  the  amendment  of  their  own  minds;  for 
the  remove  of  the  impediments  of  the  mind  will  sooner  clear  the 
passages  to  fortune  than  the  obtaining  fortune  will  remove  the  im 
pediment  of  the  mind."  The  facts  which  we  have  given,  and 
which  cannot  be  disputed,  afford  us  powerful  arguments  for  regu 
lating  and  moderating  our  desire  for  gain ;  and  a  careful  observa 
tion  of  the  world  will  confirm  the  resolution.  It  is  certain  that  the 
inordinate,  grasping  anxiety  for  wealth  which  characterizes  some 
men  will  be  fatal  to  their  ultimate  success.  The  very  ambition  to 
be  rich  often  defeats  itself  and  leads  to  ruin.  It  blinds  the  judg 
ment,  and  misleads  into  visionary  schemes  and  ruinous  specula 
tions,  so  that  men  of  the  coolest  and  most  deliberate  habits,  when 
they  have  yielded  to  a  passion  for  wealth,  are  no  longer  capable  of 
reasoning  wisely.  The  passion  is,  in  itself,  a  proof  of  bad  judgment. 
Only  a  few  can  be,  rich,  and  the  chances  are  too  great  against  any 
one  to  make  it  wise  in  him  to  centre  his  hopes  upon  a  result  in 
which  he  is  very  likely  to  be  disappointed.  It  may  be  said  of 
wealth,  as  it  has  been  of  happiness,  that  when  unsought  it  is  often 
found ;  when  unexpected,  often  obtained ;  while  those  who  seek  for 
her  the  most  ardently,  fail  the  most,  because  they  seek  her  where 
she  is  not. 

What  course,  then,  shall  we  pursue  ?  Are  there  no  hopes  of 
obtaining  reasonable  wealth  ?  Certainly  there  are.  But  we  must 
reject,  without  hesitation,  the  advice  of  those  injudicious  friends 
who  argue  that  no  one  can  get  rich  without  assuming  great  risks — 
who  urge  us  to  plunge  in  where  the  business  is  most  weighty  and 


ON    BUSINESS.  233 

important.  We  must  avoid  that  fated  circle  whose  business  and 
expenditures  are  of  the  dazzling,  magnificent  kind.  The  demon 
of  bankruptcy  presides  there — we  may  rely  upon  it.  Had  we  the 
Swedenborgian  "inner  light/'  and  even  without  it,  we  could  see 
him  skulking  around  their  stores — in  their  counting-houses,  ay, 
riding  as  footmen  on  their  equipages.  We  must  place  ourselves 
beyond  the  outer  edge  of  this  dashing  circle,  whence  we  can  occa 
sionally  look  over  and  note  their  dowmvard  progress.  When  their 
ruin  comes,  which  is  as  certain  as  death,  there  will  be  excellent 
opportunities  to  improve  our  fortunes,  by  picking  up  pieces  of  the 
wreck  at  our  own  prices. 

We  must  manage  our  own  business  as  we  would  prosecute  a 
science,  for  its  own  sake,  and  not  solely  with  a  view  to  wealth.  We 
must  study  its  principles;  keep  on  the  watch  for  information, 
which  we  may  turn  to  advantage ;  assign  certain  limits  to  every 
enterprise ;  never  seek  for  an  excessive  profit  in  any  undertaking, 
and  make  ourselves,  as  far  as  human  caution  and  prudence  can  do, 
independent  of  the  play  of  accidents.  If  misfortune  comes,  as  it 
may  come,  it  has  not  been  our  fault.  If  a  competency  is  the  re 
sult,  it  is  all  that  we  expected ;  if  wealth  comes,  we  are  prepared 
to  make  sure  of  it. 

A  course  of  prudent  moderation  in  every  thing,  in  the  desire 
for  gain,  the  amount  of  business,  in  personal  expenses,  will  ma 
terially  improve  our  chances  of  success,  and  at  the  same  time 
strengthen  the  character  and  increase  our  happiness.  The  Hon. 
Thomas  Gr.  Gary,  an  eminent  merchant  of  Boston,  and  formerly  a 
director  of  the  U.  S.  Bank  in  its  palmy  days,  in  an  address  deli 
vered  some  years  ago,  has  furnished  us  with  some  excellent  incen 
tives  to  the  adoption  of  this  course.  He  discourses  thus  : — 

"  The  man  who  is  prepared  to  work  through  life  takes  his  labor 
with  cheerful  ease.  The  Saturday  evening  which  brings  repose 
to  man  and  beast  is  not  more  agreeable  to  him  than  the  renewal 
of  his  occupation  on  that  Monday  morning  that  lowers  so  gloomily 
over  one  who  has  before  him  a  week  of  embarrassment  in  meeting 
obligations  that  have  been  entered  into  with  the  delusive  hope  of 
rapid  gain,  and  which  he  would  rejoice  to  cancel,  by  returning  his 
purchases,  if  he  could  retrace  his  steps. 

20* 


234  A    PRACTICAL    TREATISE 

"  The  man  of  regular  industry,  too,  and  of  principle,  while  he  is 
free  from  deep  anxiety  for  the  future,  usually  gives  it  that  due  care 
which  gradually  improves  his  condition.  As  only  a  small  portion 
of  the  world  can  ever  be  rich,  he  may  not  be  likely  to  become  so. 
Yet  he  has  his  chance.  As  he  advances  in  life,  he  sees  some  of 
those  who  at  times  have  almost  excited  his  envy  at  their  seeming 
prosperity,  becoming  involved  in  difficulty,  and  falling  far  behind 
him.  When  the  crisis  comes,  perhaps  he  finds,  to  his  surprise, 
that  he  is  looked  to  as  a  strong  man  ;  for  he  has  something  at  com 
mand,  and  appears  at  ease,  when  almost  every  one  about  him,  who 
has  been  more  ready  to  give  promises  than  he,  is  straitened,  and 
must  sell  at  a  loss. 

"  When  property,  then,  seems  to  be  losing  its  value  and  is 
neglected,  opportunities  rise  around  him  of  using  what  means  he 
may  have  with  an  advantage  that  he  had  never  anticipated,  and 
his  possessions  begin  to  extend.  Pursuing  the  same  steady  course, 
his  strength  increases.  Without  much  calculation  about  it,  he 
finds  himself,  perhaps,  becoming  comparatively  rich.  Causes  are 
at  work  that  may  possibly  make  him  quite  so,  without  endanger 
ing  his  independence  or  tranquillity.  If  wealth  comes,  he  makes 
sure  of  it.  His  spirit  is  not  intoxicated,  though  his  views  expand 
with  his  acquisitions.  The  temptation  to  advance  finds  no  treach 
erous  ally  within  him,  in  a  spirit  of  rivalry,  ambition,  or  envy, 
urging  him  on  to  risk  all  that  he  may  have  in  grand  undertakings, 
that  are  to  outdo  all  who  are  before  him,  and  dazzle  his  little 

world  with  the  magnitude  of  his  operations." 

#  *  #  #  #  #  # 

Instances  may  certainly  be  found  of  men  who  disregard  the 
rules  of  wisdom  and  virtue,  and  yet  become  rich  and  powerful. 
But  where  one  such  man  can  be  pointed  out,  a  score  of  others, 
who  resemble  him  in  every  thing  but  shrewdness  and  energy,  may 
be  mentioned,  who  have  disgracefully  failed. 

It  may  be,  on  the  other  hand,  that  among  twenty  men  who  act 
with  strict  regard  to  principle,  not  more  than  one  of  them  would  be 
found  to  have  become  rich.  But  the  other  nineteen  have  probably 
never  failed.  They  have  earned  all  that  they  have  ever  spent. 
They  have  performed  their  portion  of  the  labor  of  the  world.  They 


ON    BUSINESS.  235 

have  its  confidence  and  respect.  Be  they  mechanics,  farmers,  or 
professional  men ;  be  they  merchants,  seamen,  or  laborers  on  the 
wharves,  they  are  known  as  men  of  independent  spirit,  who  cau 
neither  be  bought  nor  bent  to  improper  designs ;  as  men  who  fulfil 
the  great  purposes  of  life,  and  who  are  regarded  and  remembered 
for  their  worth. 

But  the  man,  be  he  good  or  bad,  who  begins  with  the  determina 
tion  to  be  rich  early  in  life,  is  most  likely  to  be  disappointed.  Let 
him  select  the  best  example  of  rapid  success  that  can  be  found;  let 
him,  if  he  can,  begin  with  the  same  means,  and  do  precisely  the 
same  things,  as  did  those  who  have  become  rapidly  rich,  and  he  is 
very  likely  to  find,  in  the  end,  that  although,  the  same  course  pur- 
sued  ten  years  sooner  or  ten  years  later,  might  have  been  success- 
fid,  yet  owing  to  causes  entirely  beyond  his  own  control,  it  could  not 
possibly  succeed  when  he  attempted  it :  and  that  it  required  all  the 
skill  that  he  possessed  even  to  avoid  ruin. 

In  truth,  the  path  that  leads  speedily  to  wealth  is  generally  dis 
covered,  when  found  at  all,  by  some  accidental  concurrence  of  cir 
cumstances.  But  the  turnings  that  lead  to  failure  and  disgrace  can 
be  seen  from  afar ;  and  may,  in  most  cases,  be  avoided  by  season 
able  care.  The  father  can  direct  his  son,  when  he  begins  the 
journey  of  life,  where  to  observe  them.  The  great  Parent  of  men 
has  set  up  the  landmarks ;  and  the  mother  can  teach  her  boy  how 
he  is  to  avoid  them  when  he  enters  on  the  highway  of  the  world. 
She  cannot  instruct  him  by  what  means  he  may  be  enabled  to  ride 
onwa.rd,  among  the  throng,  in  a  luxurious  equipage  ;  but  she  may 
do  much  to  save  him  from  the  humiliation  and  sorrow  of  those 
who  are  seen  standing  in  tatters  at  the  roadside,  after  straying  in 
search  of  some  imaginary  short-cut  to  wealth,  and  scrambling  back 
through  the  mud  and  briers  of  the  swamp. 

The  difference  to  his  future  might  be  vast,  if  her  aspirations  for 
his  greatness,  which  are,  perhaps,  sowing  the  seeds  of  selfish  and 
fatal  ambition  in  his  mind,  should  be  exchanged  for  the  spirit  of 
real  affection,  that  would  instruct  him  in  the  virtues  of  industry 
and  truth.  In  a  word,  it  does  not  lie  with  the  young  man,  when 
he  begins  life,  to  say  whether  or  not  he  is  to  be  rich  ;  but  whether 
or  not  he  will  make  a  mischievous  failure,  is,  in  most  cases,  an 
affair  that  he  can  decide  for  himself. 


236  A   PRACTICAL    TREATISE 

There  are  some  interesting  questions  connected  with  the  subject 
of  failure,  to  a  few  of  which  we  must  give  a  passing  notice. 

FirSt  :  When  should  a  man  fail  ?  In  most  cases,  he  has  no 
choice  as  to  the  time ;  but  no  man  has  a  right  to  fail  who  is  not 
insolvent  merely  to  save  himself  from  loss.  By  doing  so,  he  un 
necessarily  endangers  the  failure  of  those  who  rely  upon  him  in 
order  to  meet  their  own  payments  ;  he  unjustly  creates  distrust 
among  business  men  in  general,  and  destroys  confidence.  When, 
however,  he  discovers  that  he  is  insolvent,  the  sooner  he  fails  pro 
bably  the  better.  It  is  an  old  Shaksperian  truth  that  "  Sorrows 
come  not  single  spies,  but  in  battalions;"  and  when  a  train  of 
unfortunate  circumstances  has  so  set  upon  a  man  as  to  reduce  him 
below  the  line  of  solvency,  the  sooner  he  arrests  it  by  a  prompt 
winding  up,  the  better  for  himself  and  his  creditors.  The  catas 
trophe  of  failure  seldom  comes  at  once.  The  shadows  of  it  are 
often  cast  before.  As  they  deepen  and  thicken,  they  offer  con 
tinual  temptation,  hard  to  resist.  In  this  protracted  agony,  it  is 
that  men  commit  the  greatest  errors — errors,  which,  with  some 
times  perhaps  an  undue  severity  of  judgment,  fasten  a  stain  upon 
their  character  that  no  time  can  efface. 

What  ought  one  to  do  under  such  circumstances  ?  is  another 
question.  "  The  first  thing  a  man  has  to  do"- — we  quote  the  Hon. 
John  Sargeant — "  is  to  take  honest  counsel  with  himself;  to  state 
the  case  fairly;  to  examine  it  deliberately,  and  decide  it  justly;  to 
go  through  with  it  as  a  work  he  is  bound  in  conscience  to  perform ; 
not  slightingly,  not  carelessly,  not  deceitfully,  but  thoroughly,  as  if 
he  were  upon  his  oath  to  make  a  true  inventory  and  appraisement. 
He  is  to  look  at  his  books,  not  to  see  the  figures  there  set  down, 
but  whether  the  value  is  what  they  represent.  Such  a  work  is 
hard,  very  hard.  Many  a  man  closes  his  eyes,  because  he  knows 
what  they  would  see  if  they  were  opened.  He  perceives,  but  he 
voluntarily  makes  his  perception  indistinct,  and  persuades  himself, 
or  tries  to  persuade  himself,  that  the  truth  is  obscure  when  he 
knows  it  is  clear.  He  cannot  plead  ignorance,  and  is  therefore 
accumulating  for  himself  a  store  of  self-reproach ;  for  finally  he 
will  be  compelled  to  confess  that  he  has  sinned  against  knowledge. 
The  next  thing  to  be^done  is  to  consult  Judicious  friends.  If  it  be 


ON    BUSINESS.  237 

bard  for  a  man  to  look  steadfastly  at  a  painful  and  humiliating 
truth,  still  harder  is  it  for  him  frankly  to  make  it  known  to 
others.  Yet  it  must  be  done,  if  we  would  profit  by  the  advice 
of  friends.  And,  lastly,  it  is  the  duty  of  a  man,  in  these  cir 
cumstances,  to  counsel  with  his  creditors;  for  it  is  their  inte 
rest  that  is  to  be  dealt  with.  Safe  counsellors  they  will  be  found, 
and  generous  ones,  too,  if  they  are  honestly  treated." 

Our  duty,  then,  is  comprehended  in  a  few  words :  A  fair  dis 
closure,  a  full  surrender,  and  an  equal  distribution. 

Another  consideration  is  the  treatment  of  debtors.  When  cre 
ditors  are  notified  of  a  failure,  all  opinion  should  be  suspended 
until  a  thorough  investigation  is  had.  A  clear  distinction 
should  then  be  made  between  the  treatment  of  a  fraudulent 
and  of  an  unfortunate  debtor.  While  the  former  should  suffer 
all  the  punishment  due  to  detected  villany  and  outraged  con 
fidence,  the  latter  merits,  and  should  receive,  all  the  kindness 
invariably  due  to  misfortune.  In  fact,  all  failures,  not  plainly 
fraudulent,  should  be  treated  with  a  great  deal  of  liberality. 
The  creditor  should  never  forget,  as  Dr.  Johnson  observed,  that 
he  has  "  shared  in  the  guilt  of  improper  trust ;  that  he  suf 
fered  the  debt  to  be  contracted  with  the  hope  of  advantage  to 
himself;  that  he  proportioned  the  profit  to  his  own  opinion  of 
the  hazard,  and,  that  there  is  no  reason  why  one  should  punish 
another  for  a  contract  in  ivhich  both  concurred."  But  a  failure 
from  evident  misfortune  merits  not  only  liberal,  but  kind  treat 
ment.  He  who  adds  to  the  distress  of  an  unhappy  man  by  a 
rude  word  or  a  vindictive  act  puts  himself  beyond  the  pale  of 
human  sympathies,  and  should  be  "mocked  at  when  his  calamity 
cometh." 

Finally,  the  world  should  remember  that, 

"  They  \vha  fa'  in  fortune's  strife 

Their  fate  we  should  na  censure ; 
For  still  the  important  end  o'  life 

They  equally  may  answer : 
A  man  may  hae  an  honest  heart, 

Though  poortith  hourly  stare  him  ; 
A  man  may  tak'  a  neebor's  part, 

V/et  hae  nae  cash  to  spare. him." 


A    PRACTICAL    TREATISE 


CHAPTER  XY. 

SAVING,  SPENDING,  GIVING,  TAKING,  LENDING,  BORROW 
ING,  AND  BEQUEATHING  MONEY. 

WE  presume  that  it  needs  no  demonstration  to  prove  that  the 
saving  of  money  is  as  essential  as  getting,  for  the  attainment  of  a 
permanent  independence.  This  is  one  of  those  self-evident  truths 
that  meet  with  a  Teady  and  a  universal  assent.  It  is  even  a  truism 
that  it  is  as  physically  impossible  for  money  to  accumulate  without 
saving,  as  for  a  leaking  vessel  to  hold  water.  There  is  no  income 
so  large  that  cannot  be  got  rid  of,  and  no  sum  so  small,  that  an 
able-bodied,  industrious  man  may  earn  in  this  country,  that  will 
not  suffice,  so  long  as  he  remains  single,  to  lay  the  foundation  of 
an  independent  fortune.  A  young  man  who  can  earn  a  dollar  a 
day  has  but  to  rwolve  to  save  a  portion  of  what  he  earns  towards 
capital  to  start  business  upon,  and  the  difficulty  is  already  half 
overcome.  A  capital  acquired  in  this  way  is  generally  lasting, 
while  capital  acquired  by  loan  or  inheritance  is  too  frequently  lost. 
The  industry  and  efforts  used  in  acquiring  capital  train  to  habits 
of  business  which,  as  we  have  before  shown,  are  necessary  to  suc 
cess,  and  without  "which  training,  business  is  most  apt  to  fail.  In 
looking  abroad,  too,  we  generally  see  those  who  commence  life  by 
their  own  personal  efforts,  and  by  such  efforts  start  themselves  in 
the  world,  are  the  raost  successful.  It  is  astonishing  on  how  small 
a  sum  a  man  who  is  determined  to  save,  may  live  comfortably. 
One  of  my  predecessors  in  the  t(  Art  of  money-catching/'  as  he 
has  entitled  it,  has  f-rif  ;n  u  directions  for  preparing  fourscore  good 
and  wholesome  dishes,  on  most  of  which  a  man  may  live  for  two 
pence  a  day."  Everj  thing  depends  upon  the  habits  and  associa 
tions  formed  in  youth.  A  young  gentleman  of  elegant  tastes  and 
expensive  habits,  especially  a  pet  of  the  ladies,  may  as  well  fiddle 


ON    BUSINESS.  239 

jigs  to  a  milestone  as  to  hope  to  make  headway  in  the  world,  or 
to  retain  it  if  thrust  upon  him  by  others.  A  particularly  fast 
man,  with  an  ardent  admiration  of  "  good  stock,"  will  very  pro 
bably  discover  that  his  business  and  money  took  to  flying  when  he 
took  to  riding.  An  excellent  judge  of  good  wines,  or  a  connois 
seur  in  rare  dishes,  may  calculate  with  certainty  that  his  pockets 
will  become  slim  in  exact  proportion  as  his  belly  grows  round 
In  a  word,  prosperity  without  economy  is  an  impossibility. 

But  a  man  has  only  the  right  to  commence  the  work  of  saying 
after  all  his  just  debts  are  paid  ]  and  all  his  debts  are  not  merely 
those  of  which  the  evidence  is  a  note,  or  a  bond,  or  a  mortgage, 
or  a  book  account.  If  he  is  the  head  of  a  family,  he  is  under 
obligations  to  his  family  which  he  must  discharge.  As  a  member 
of  society,  and  one  of  the  great  family  of  man,  he  owes  debts  of 
brotherhood  to  those  whom  misfortune  has  visited,  of  which  ho 
must  pay  his  proportion.  As  a  Christian,  the  recipient  of  the 
bounty  of  God,  he  owes  a  portion  annually  for  the  enlargement 
of  his  Maker's  kingdom  upon  the  earth.  Charity  is  not  merely  a 
politic  virtue,  in  the  exercise  of  which  he  may  reap  an  inward 
satisfaction,  but  in  the  neglect  of  which  he  incurs  no  guilt.  Charity 
is  a  solemn  debt,  which  no  one  can  fail  to  pay  without  moral  bank 
ruptcy.  It  is  a  debt  so  binding  in  its  nature  that  physical  impos 
sibility  to  have  the  means  to  discharge  it  is  the  only  sufficient 
excuse.  It  is  a  debt,  nevertheless,  in  the  discharge  of  which, 
when  the  proceeds  are  applied  to  the  dissemination  of  education, 
morality,  and  religious  truth,  one  may  as  justly  be  called  a  shrewd 
man  as  an  honest  and  a  charitable  man  j  for  no  one  of  sound 
judgment,  I  think,  will  deny  that  if  all  men  acted  intelligently, 
and  in  accordance  with  the  precepts  of  the  gospel,  all  could  attain 
twice  their  present  ratio  of  prosperity  with  one-fourth  the  present 
anxiety,  risk,  and  trouble. 

It  is  in  an  awful  reflection  that  in  a  land  abounding  in  wealth, 
men  willing  to  labor  should  seek  the  means  of  subsistence,  and 
not  find  it.  It  is  a  sorrowful  thought  that  in  a  Christian  land 
they  should  ask  for  bread,  and  not  receive  it.  It  is  a  heart-sicken 
ing  sight,  as  in  the  Old  World,  to  see  the  extremes  of  unbounded 
affluence  on  the  one  hand,  and  miserable  degraded  poverty  on  the 


£40  A    1MIACT1CAL    TREATISE 

other.  Truly,  as  I  once  heard  an  Irishman  observe  when  speak 
ing  of  a  famished  countryman  who  had  begged  at  a  nobleman's 
door  for  the  meat  that  he  was  giving  to  his  dogs,  and  was  rudely 
turned  away,  "  I  wonder  that  God  can  look  on  these  things,  and 
keep  his  patience."  It  does  prove  that  there  is  something  radi 
cally  wrong  in  society,  but  still  the  wrong,  in  my  opinion,  does  not 
consist  in  the  organization  of  society,  nor  in  the  fact  that  some 
men  have  obtained  more  than  their  share  of  the  world's  possessions, 
provided  they  got  them  legally,  honestly,  and  honorably,  but  in 
the  fact  that  they  have  not  properly  used  what  they  rightfully  ob 
tained.  They  have  not  borne  their  share  of  the  burdens  of  society. 
They  have  not  contributed  their  proportion  to  its  maintenance  and 
the  due  preservation  of  its  health.  Until  the  world  is  a  second 
Eden,  it  needs,  and  can  profitably  use  the  labor  of  all  who  are  in 
it.  Much  less  than  one-tenth  of  the  world's  income,  which  was 
the  quantum  demanded  under  the  old  Jewish  dispensation,  would 
provide  a  capital  to  employ  usefully  and  profitably  all  who  needed 
work,  and  were  willing  to  work,  and  also  support  all  who  were 
unable  to  work  and  needed  assistance.* 

*  "  Let  us  now  consider  the  sums  that  might  be  raised,  supposing  only 
one-tenth  of  income  to  be  set  apart  for  the  purposes  of  philanthropy  and  re 
ligion.  Supposing  the  population  of  Great  Britain  to  amount  to  16,000,000, 
and  reckoning  only  2,000,000  heads  of  families,  or  the  eighth  part  of  the 
population  to  be  connected  with  the  Christian  church ;  and  supposing, 
farther,  that  only  one-fiftieth  of  these,  or  40,000,  have  incomes  averaging 
£500  ;  the  tenth  of  these  incomes  would  produce  a  sum  of  £2,000,000. 
Supposing  the  tenth  part  of  the  remaining  population,  196,000,  to  have  in 
comes  of  £200  a  year,  the  annual  tithe  would  be  £3,920,000.  Suppose  the 
remaining  1,764,000  to  have  at  an  average  £80  per  annum,  its  tithe  would 
amount  to  £14,112,000,  so  that  the  whole  of  this  supposed  annual  tithe  of 
income  would  amount  to  above  twenty  millions  of  pounds,  which  is  more  than 
forty  times  the  amount  of  the  annual  funds  df  the  Bible,  Missionary,  and 
other  philanthropic  societies  in  Great  Britain,  which  do  not  amount  to  half 
a  million.  In  this  calculation,  I  have  not  taken  into  account  a  million  or 
two  of  the  grown-up  individuals  belonging  to  the  different  families  of  the 
kingdom,  who  have  separate  establishments  from  their  parents,  and  who 
might  be  supposed  to  contribute  several  millions  of  pounds.  Nor  have  I 
taken  into  the  calculation  several  thousands  of  the  nobility  and  gentlemen 
who  occupy  the  highest  places  of  society,  some  of  whom  could  afford  from 


ON    BUSINESS.  241 

The  totally  different  rules  and  principles  that  apply  to  the  (jetting 
and  to  the  using  of  money,  are  the  rock  on  which  theorists  split. 
The  distinction  is  one  that  they  do  not  seem  to  perceive  clearly. 
They  pour  out  the  vials  of  their  indignation  on  the  getting  of 
money,  when  it  should  fall  upon  the  improper  use  of  money.  They 
at  one  time  contend  that  a  man  should  not  devote  more  of  his  time 
to  the  acquisition  of  property  than  will  barely  suffice  for  his  wants, 
and  then  argue  for  an  amount  of  charity  that  he  could  not  pos 
sibly  be  able  to  give  without  unremitted  industry.  A  preacher,  on 
one  Sabbath  morning,  will  speak  so  disparagingly  of  the  worldli- 
ness  of  men's  nature,  and  the  baseness  of  their  strife  after  filthy 
lucre,  that  one,  if  he  interpreted  him  literally,  would  be  tempted  to 
sell  all  that  he  has,  and  retire  to  a  monastery.  On  the  next,  pro- 
one  to  ten  thousand  pounds  annually,  and  which  would  add  a  considerable 
number  of  millions  to  the  sum  above  stated.  If  such  sums  could  be  raised 
without  subtracting  any  substantial  comfort  from  a  single  individual,  how 
small  is  the  number  of  Christians  worthy  of  the  name,  to  be  found  in  our 
country,  since  the  fiftieth  or  even  the  hundredth  part  of  this  sum  can 
scarcely  be  raised  among  all  the  ranks  and  denominations  of  religious 
society.  But  much  more  than  even  the  above-stated  proportion  ought,  in 
numerous  instances,  to  be  devoted  to  religion  and  philanthropy.  If,  for 
example,  a  person  has  an  income  of  £900  a  year,  I  have  no  hesitation  in 
saying  that,  if  he  wish  to  act  as  a  steward  under  God,  for  the  distribution 
of  his  bounty,  he  ought  to  consecrate  £400  annually  to  the  promotion  of 
Christianity  and  general  improvement.  And  will  anj  one  aver  that  the 
remaining  £500  is  not  sufficient  to  procure  every  comfort  that  a  rational  or 
a  Christian  character  ought  to  desire  ?  But  the  whole  £900,  it  may  be  said, 
is  requisite  for  the  individual  to  keep  up  the  dignity  of  his  station.  If  keep 
ing  up  the  pomp  and  dignity  of  a  station  is  to  beset  up  in  competition  with  the 
demands  of  religion,  then  let  the  individual  take  the  world  on  his  back,  and 
march  off  as  far  as  he  can  from  Christian  society ;  for  such  persons  have 
too  frequently  been  a  pest  to  religious  associations.  Verily,  I  say  unto  him, 
he  shall  have  his  reward,  but  a  reward  after  which,  I  trust  in  God,  I  shall 
never  aspire.  Let  such  remember  the  Divine  admonition  :  '  Ye  cannot  serve  ^ 
God  and  mammon.'  There  is  an  absolute  incompatibility  between  the  ser 
vice  of  the  one  and  of  the  other;  and  he  who  is  not  prepared  to  give  up 
worldly  maxims,  pomp,  and  splendor,  and  to  devote  his  influence  and  his 
superfluous  wealth  to  the  cause  of  religion,  ought  not  to  assume  the  Christ 
ian  name." — Thomas  Dick,  LL.  I). 

21 


242  A   PRACTICAL    TREATISE 

bably,  he  will  argue  for  an  amount  in  charity — to  say  nothing  of 
an  increase  of  salary,  which  all  ought  to  have — that  one  must  have 
been  active  and  industrious,  and  made  a  successful  year  indeed,  to 
be  able  to  meet  his  charity  bill,  without  taking  into  account  his 
other  necessary  expenses.  Again,  the  Socialists,  if  I  understand 
them  correctly,  with  a  right  perception  of  the  just  claims  of  all  who 
are  born  on  the  earth  to  the  necessaries  of  life,  but  with  a  seemingly 
jvrong  conviction  that  we  all  are  demented,  would  have  the  world  a 
sort  of  well-regulated  Lunatic  Asylum,  in  which  the  inmates  are 
to  have  certain  hours  to  work,  and  a  certain  amount  of  work  to 
perform,  apparently  with  a  view  partly  to  support  life,  and  partly 
to  prevent  the  too  frequent  necessity  of  trepanning  and  strait  waist- 
coating.  Our  doctrine  would  be  totally  different  from  this.  We 
would  say  to  the  modern  philosophers  who  sincerely  desire  to  bene 
fit  and  reform  mankind  :  Admit  that  the  choice  of  the  mass  of  man 
kind,  in  devoting  themselves  energetically  to  the  physical  improve 
ment  of  the  world,  is  a  wise  one ;  search  with  a  keen,  sharpened 
inspection  into  the  world's  experience  for  facts  and  principles,  that 
will  enable  them  to  be  more  successful  in  their  undertakings ; 
trace  out  accurately  the  bounds  within  which  they  can  go  safely,  and 
beyond  which  there  is  danger ;  lay  down,  not  merely  general  prin 
ciples,  but  rules  that  will  be  applicable  in  individual  cases  as  they 
arise  ;  enlighten  their  consciences,  and  make  wiser  their  heads ;  aim 
to  remove  as  much  as  possible  the  load  of  anxiety  that  presses  upon 
the  mind  of  him  who  is  travelling  the  thorny  path  of  business,  in 
view  of  future  danger  and  evil ;  arouse  men  to  greater  energy,  and 
to  a  more  exalted  enterprise,  until  the  land  is  covered  with  a  net 
work  of  iron,  and  the  ocean  white  with  the  sails  of  ten  thousand 
argosies,  bearing  merchandise  and  civilization  to  all  quarters  of  the 
globe-;  urge  them  to  this  for  the  sake  of  the  glorious  results  that  will 
follow,  and  not  for  the  sake  of  individual  wealth  j  denounce,  with  the 
withering  fire  of  Juvenal,  the  aristocracy  of  wealth,  which  is  fully 
as  contemptible,  if  not  more  contemptible  than  the  aristocracy  of 
fashion,  or  of  blood  ]  arouse  the  people  to  a  just  appreciation  of 
their  power,  that  they  may  not  bow  down  with  truckling  servility 
to  the  insignia  of  wealth,  unaccompanied  by  merit,  but  pour  forth 
their  voice  in  one  quick  peal  against  those  who  deny  the  claims  of 


ON    BUSINESS.  243 

the  unfortunate  to  their  assistance,  in  order  to  expend  more  in 
selfish  gratification,  and  the  "royal  sound  will  shake  the  whole 
heaven."  In  a  word,  teach  us  how  to  get  more  money  with  less  risk 
and  anxiety,  and  then  how  to  use  it  so  as  to  increase  our  happiness 
here,  and  in  view  of  a  happy  immortality  hereafter.  Then  will  the 
plague-spots  disappear  from  the  face  of  society,  and  the  roseate 
hues  of  health  bloom  again  on  her  faded  cheek. 

But  there  is  a  question  of  equal  difficulty,  and  perhaps  of  greater- 
practical  importance,  which  honest  men  encounter,  and  that  is,  how 
can  contributions  be  given  so  as  to  effect  the  greatest  good  ?  It  is 
unquestionably  true,  that  the  present  system  is  a  defective  one.  At 
present,  a  man  who  gives  nothing  from  year  to  year  to  any  chari 
table  purpose  may  have  the  reputation  of  being  a  liberal  and  a  just 
man ;  while  another,  who  gives  perhaps  more  than  his  share,  in 
proportion  to  his  income,  will  have  quite  a  contrary  reputation. 
At  present,  a  man  so  disposed  may  shirk  all  giving,  under  pretence 
of  favoring  some  one  or  another  of  the  numerous  charities.  At 
present,  a  man  who  pays  much  respect  to  the  world's  opinion  must 
give  to  all  and  to  every  thing  or  to  nothing,  in  order  to  escape  vil- 
lanous  abuse.  At  present,  if  he  once  has  the  misfortune  to  be 
known  as  a  charitable  man,  petitions  will  be  thrust  at  him  almost 
every  hour  of  the  day ;  preachers  will  preach  at  him,  his  door  will 
be  besieged  by  the  loudest  and  fastest  talking,  if  not  the  most  beau 
tiful  of  women,  and  he  must  constantly  undergo  the  pain  of  refusal, 
or  be  beggared.  If  he  gives  to  street  beggars,  he  is  liable  to  im 
position  ;  if  he  refuses,  he  has  no  place  to  direct  them  where  their 
merits  will  be  inquired  into,  and  the  deserving  assisted.  All  this 
is  wrong,  but  what  is  the  remedy  ?  My  proposition  would  be  to 
establish  a  great  National  Society,  perhaps  under  the  sanction  of 
Government,  and  of  which  all  the  present  charitable  associations 
should  be  branches.  The  first  object  would  be  to  ascertain  what 
per  cent,  of  the  aggregate  income  would  be  sufficient  to  do  all  that 
should  be  done,  and  then  to  assess  each  individual's  proportion  as 
taxes  are  now  assessed,  and  deliver  to  each  his  charity  bill  as  regu 
larly  as  his  tax  bill.  The  penalty  for  non-payment  should  be  pub 
lication  in  the  principal  papers  of  the  county,  for  a  certain  number 
of  weeks,  with  the  amount  attached,  as  tax  delinquents  are  pub- 


244  A    PRACTICAL   TREATISE 

lishcd  in  some  of  the  States.  Then  we  would  know  who  fulfilled 
his  duty,  and  who  did  not;  who  were  good  citizens,  and  who  were 
not.  The  management  of  this  society  should  be  in  the  hands  of 
the  ablest  business  men,  and  especially  of  those  who,  having  accu 
mulated  wealth,  are  about  to  retire  from  business,  in  order  to  save 
them  from  the  dreadful  alternative  of  having  nothing  to  do  but 
nurse  gouty  legs,  and  fret  over  their  past  life  and  present  inaction. 
The  details  and  feasibility  of  this  suggestion  I  leave  to  those  who 
are  intimately  conversant  with  the  best  mode  of  organizing  and 
managing  great  public  bodies. 

Henry  Taylor,  for  many  years  connected  with  the  British  Gov 
ernment,  has,  in  his  celebrated  essay,  "  Of  Money,"  never  before 
republished  in  this  country,  fully  considered  the  important  matters 
which  form  the  snbject  of  this  chapter,  and,  as  variety  is  charming, 
he  shall  conclude  it.  The  entire  essay,  with  the  exception  of  one 
or  two  pages  of  unpractical  remarks  on  Getting  Money,  the  sub 
stance  of  which  is  contained  in  the  caption  of  our  first  chapter,  is 
embraced  in  this  volume. 

As  to  the  saving  of  money,  he  says  :  the  saving,  like  the  getting, 
should  be  intelligent  of  a  purpose  beyond ;  it  should  not  be  saving 
for  saving's  sake,  but  for  the  sake  of  some  worthy  object  to  be  ac 
complished  by  the  money  saved.  And  there  is  to  be  especially 
guarded  against  that  accumulative  instinct  or  passion,  which  is 
ready  to  take  possession  of  all  collectors. 

Some  very  small  portion  of  a  man's  income  may  perhaps  be  jus 
tifiably  saved  to  make  provision  against  undefined  and  unforeseen 
contingencies,  and  also  to  assure  himself  that  he  can  save.  But 
in  the  case  of  most  m'en,  there  will  be  a  sufficiency  of  distinct  and 
definable  ends,  whether  certain  or  contingent,  which  will  not  only 
justify,  but  enjoin  the  laying  by  of  a  proportion  of  their  income. 
A  voung  man  may  very  well  lay  by  money  to  enable  him  to  be 
more  free  in  the  choice  of  a  wife.  A  middle-aged  man  may  lay  it 
by  in  order  that  his  old  age  may  have  fewer  labors  and  cares,  or 
more  comforts.  A  father  may  lay  it  by  for  his  children.  But  in 
all  these  cases,  if  the  end  be  not  kept  steadily  in  view  from  first  to 
last,  and  the  means  kept  no  more  than  proportionate  and  subordi 
nate.,  there  is  the  risk  that  the  saver  may  become  a  miser.  The 


ON    BUSINESS.  245 

young  may  grow  old  without  taking  a  wife,  and  save  still  when  ho 
no  longer  thinks  of  marrying ;  or  he  may  think  that  what  he  has 
saved  may  entitle  him  to  a  rich  wife,  rather  than  enable  him  to 
choose.  The  middle-aged  man  may  reach  old  age  with  no  dispo 
sition  to  increase  his  comforts,  and  every  disposition  to  increase  his 
hoard.  And  finally,  the  father,  though  his  motive  for  saving  is  the 
most  warrantable  of  all,  may  yet  be  betrayed  by  the  very  largeness 
of  the  allowance  which  the  world  makes  in  such  cases,  into  avari 
cious  errors.  His  case,  as  being  most  common,  and  that  in  which 
men  are  least  on  their  guard,  deserves  to  be  the  more  closely  con 
sidered. 

The  prudent  parent  is  less  likely  to  be  corrupted  into  a  covetous 
parent,  if  he  be  saving  for  several  children,  than  if  it  be  for  one  only 
child,  or  for  an  eldest  son;  for  avarice  projects  itself  more  readily 
in  the  singular  number  than  in  the  plural;  and  saving  for  a  provi 
sion  is  always  to  be  distinguished  from  saving  for  aggrandizement, 
which  is  no  other  than  a  form  of  avarice.  Saving  for  an  only  child 
or  an  eldest  son  may  be  defended  when  the  father  has  means 
beyond  the  devisable  patrimony,  and  when  that  patrimony  is  in 
sufficient  for  the  station  to  be  inherited  along  with  it.  But,  if  the 
patrimony  be  insufficient,  and  the  father  has  no  extrinsic  means, 
he  must  not  make  it  more  insufficient  in  his  lifetime,  in  order  that 
it  may  be  less  insufficient  in  his  son's;  he  is  not  to  be  niggardly 
in  order  that  his  son  may  be  liberal.  He  may  indeed  retrench  in 
matters  connected  with  the  keeping  up  of  appearances,  that  is,  he 
may  ostensibly  retire  from  his  station  for  a  time,  or  for  life ;  but 
he  must  not,  whilst  keeping  up  the  appearances  of  his  station,  fall 
short  in  matters  of  bounty  and  liberality. 

In  saving  for  younger  children,  the  parent  has  to  consider  what 
is  a  competency;  and  if  he  be  wise,  and  can  count  upou  an  average 
share  of  health  and  ability  in  his  younger  sons,  he  will  not  relieve 
them  from  the  necessity  of  earning'the  main  part  of  their  livelihood; 
for,  unless  a  man's  property  be  large  enough  to  find  him  an  occupa 
tion  in  the  management  of  it,  and  in  the  discharge  of  the  duties 
incident  to  it  (which,  generally  speaking,  can  only  be  the  case  of 
the  eldest  son,)  it  will  be  essential  to  his  happiness  that  he  should 
have  to  work  for  his  bread.  And  it  is  on  this  fact  that  the  custom 

21* 


246  A   PRACTICAL   TREATISE 

of  succession  according  to  primogeniture  is  to  be  defended ;  for,  if 
any  one  is  sacrificed  by  this  custom,  it  is  rather  the  eldest  than  the 
younger  sons  :  the  eldest  being  too  often  pampered  into  self-love, 
the  most  wretched  inheritance  of  all,  the  younger  being  trained  to 
self-sacrifice,  fortified  in  self-reliance,  and  through  industry  and 
progress  leading  a  wiser,  a  better,  a  more  generous,  and  a  happier 
life. 

How  much  to  save  for  a  daughter  is  another  question ;  and  since 
a  woman's  life  for  the  most  part  turns  upon  her  marriage,  it  is  her 
matrimonial  prospects  which  are  principally  to  be  regarded.  Let 
not  her  wealth  be  too  tempting ;  an  heiress  has  a  large  assortment 
of  suitors,  and  yet  an  ill  choice ;  and  do  not,  if  you  can  help  it,  let 
her  poverty  be  an  obstruction ;  for  prudent  men  make  good  hus 
bands,  and  in  most  cases  a  man  cannot  marry  with  prudence  where 
there  is  not  the  fair  facility  of  a  moderate  fortune.  I  have  heard, 
indeed,  of  a  father  who  stinted  his  daughters'  dowries  on  purpose 
that  poor  men  might  not  be  able  to  marry  them;  whence  he  in 
ferred  that  rich  men  would.  He  might  be  mistaken  in  his  infer 
ence,  for,  though  rich  men  can  afford  to  marry  poor  maids,  yet 
men  are  not  found  to  wish  less  for  money  because  they  want  it 
less,  and  in  the  making  of  marriages  it  is  generally  seen  that 
"  wealth  will  after  kind."  Even  if  he  were  not  mistaken,  however, 
the  calculation  was  but  a  sordid  one  at  the  best;  and  considering 
how  many  requisites  must  be  combined  to  make  a  good  husband 
and  a  happy  marriage,  the  father  is  likely  to  impose  a  cruel  limita 
tion  of  choice,  who  needlessly  adds  wealth  to  the  number  of  essen 
tials.  Even  the  marriage  which  is  poor  through  an  improvident 
choice,  is  less  likely  to  end  ill  than  that  which  is  rich  through  a 
constrained  choice. 

There  is  yet  another  domestic  object  which  may  be  a  fair  ground 
for  saving  out  of  a  patrimony.  One  of  the  incidents  of  the  law 
and  custom  of  primogeniture  to  which  our  natural  feelings  are  the 
least  easily  reconciled  is  the  effect  of  it  upon  the  wife  and  mother 
when  she  passes  into  widowhood.  She  is  deposed  from  her  station, 
and  deprived  of  her  affluence  at  the  moment  of  her  greatest  domestic 
calamity,  and  her  own  child  is  the  person  to  whom  they  are  trans 
ferred.  It  may  be  that  the  cares,  duties  and  responsibilities  of  a 


ON   BUSINESS.  247 

large  property  and  a  high  proprietary  station  are  not  suitable  to  a 
widow  in  the  decline  of  life ;  but  this  is  not  left  for  her  to  deter 
mine,  and  very  frequently  the  still  less  acceptable  cares  of  a 
straitened  income,  and  a  total  change  in  her  mode  of  life,  are  fixed 
upon  her.  The  force  of  custom  has  brought  the  feelings  of  mankind 
into  more  accordance  than  one  would  have  thought  possible  with 
so  unnatural  an  arrangement  ;  but  the  husband  needs  not  to  be 
charged  with  parsimony  who  should  save  money  with  a  view  to 
mitigate  the  future  contrast  between  his  wife's  position  and  his 
widow's. 

As  to  the  SPENDING  of  money.  The  art  of  living  easily  as  to 
money,  is  to  pitch  the  scale  of  living  one  degree  below  your  means. 
Comfort  and  enjoyment  are  more  dependent  upon  easiness  in 
the  detail  of  expenditure  than  upon  one  degree's  difference  in  the 


Guard  against  false  associations  of  pleasure  with  expenditure  ; 
the  notion  that  because  pleasure  can  be  purchased  with  money, 
therefore  money  cannot  be  spent  without  enjoyment.  What  a  thing 
costs"  a  man  is  no  true  measure  of  what  it  is  worth  to  him;  and  yet 
how  often  is  his  appreciation  governed  by  no  other  standard,  as  if 
there  were  a  pleasure  in  expenditure  per  se. 

Let  yourself  feel  a  icant  before  you  provide  against  it.  You  are 
more  assured  that  it  is  a  real  want ;  and  it  is  worth  while  to  feel  it 
a  little  in  order  to  feel  the  relief  from  it.  When  you  are  unde 
cided  as  to  which  of  two  courses  you  would  like  best,  choose  the 
cheapest.  This  rule  will  not  only  save  money,  but  save  a  good 
deal  of  trifling  indecision. 

Too  much  leisure  leads  to  expense,  because  when  a  man  is  in 
want  of  objects,  it  occurs  to  him  that  they  are  to  be  had  for  money; 
and  he  invents  expenditures  in  order  to  pass  the  time. 

A  thoroughly  conscientious  mode  of  regulating  expenditure  im 
plies  much  care  and  trouble  in  resisting  imposition,  detecting  fraud, 
preventing  waste,  and  doing  what  in  you  lies  to  guard  the  honesty 
of  your  stewards,  servants,  and  tradesmen,  by  not  leading  them 
into  temptation,  but  delivering  them  from  evil. 

A  man  who  should  be  justly  sensible  of  the  duties  involved  in 
expenditure  and  determined  to  discharge  them,  would  find  the  bur- 


248  A    PRACTICAL   TREATISE 

den  of  them  heavy;  and  instead  of  having  a  pleasure  in  expense, 
he  would  probably  desire,  as  much  as  might  be,  to  avoid  the  trou 
ble  of  it.  We  sometimes  hear  rich  men  charged  with  parsimony, 
because  they  look  minutely  to  differences  of  cost;  but,  if  they  are 
spending  their  money  in  a  right  spirit,  the  question  they  have  to 
consider  is,  not  whether  the  sum  is  of  importance  to  themselves, 
but  whether  it  is  right  or  wrong  that  it  should  be  given  or  taken. 
Young  men,  instead  of  undertaking  the  disagreeable  office  of 
checking  accounts,  are  often  inclined  to  lay  out  a  good  deal  of 
money  in  the  purchase  of  bows  and  smiles,  which  they  mistake  for 
respect.  It  is  only  right  and  just  payment  that  commands  real 
respect,  and  the  obsequious  extortioner,  well  understanding  the 
weakness  on  which  he  practises,  will  often  repay  himself  for  his 
own  servility,  not  only  in  money,  but  in  secret  contempt  for  his 
dupe. 

Prodigality  is  indeed  the  vice  of  a  weak  nature,  as  avarice  is  of 
a  strong  one ;  it  comes  of  a  weak  craving  for  the  blandishments  of 
the  world  which  are  easily  to  be  had  for  money,  and  which,  when 
obtained,  are  as  much  worse  than  worthless  as  a  harlot's  love  is 
worse  than  none. 

As  to  GIVING  AND  TAKING. — All  giving  is  not  generous ;  and 
the  gift  of  a  spendthrift  is  seldom  given  in  generosity ;  for  prodi 
gality  is  equally  with  avarice,  a  selfish  vice;  nor  can  there  be  a 
more  spurious  view  of  generosity  than  that  which  has  been  often 
taken  by  sentimental  comedians  and  novelists,  when  they  have  re 
presented  it  in  combination  with  recklessness  and  waste.  He  who 
gives  only  what  he  would  as  readily  throw  away,  gives  without 
generosity ;  for  the  essence  of  generosity  is  in  self-sacrifice.  Waste, 
on  the  contrary,  comes  always  by  self-indulgence ;  and  the  weak 
ness  and  softness  in  which  it  begins  will  not  prevent  the  hard- 
heartedness  to  which  all  selfishness  tends  at  last.  The  mother 
of  Gertruda 

"  In  many  a  vigil  of  her  sick  bed 
Bid  her  beware  of  spendthrifts,  as  of  men 
That  seeming  in  their  youth  not  worse  than  light, 
Would  not  end  so,  but  with  the  season  change  : 
For  time,  she  said,  which  makes  the  serious  soft, 
Turns  lightness  into  hardness." 


ON   BUSINESS.  249 

When  you  give,  therefore,  take  to  yourself  no  credit  for  generosity, 
unless  you  deny  yourself  something  in  order  that  you  may  give. 

I  have  known  a  man  who  was  never  rich,  and  was  indeed  in  a 
fair  way  to  be  ruined,  make  a  present  of  several  hundred  pounds 
under  what  he  probably  conceived  to  be  an  impulse  of  generous 
friendship;  but  if  that  man  had  been  called  upon  to  get  up  an 
hour  earlier  in  the  morning  to  serve  his  friend,  I  do  not  believe 
that  he  would  have  done  it.  The  fact  was,  that  he  had  no  real 
value  for  money,  no  real  care  for  consequences  which  were  not  to 
be  immediate;  in  parting  with  some  hundreds  of  pounds,  he  flat 
tered  his  self-love  with  a  show  of  self-sacrifice ;  in  parting  with  an 
hour's  folding  of  the  hands  to  sleep,  the  self-sacrifice  would  have 
been  real,  and  the  show  of  it  not  very  magnificent. 

Again,  do  not  take  too  much  credit  even  for  your  self-denial, 
unless  it  be  cheerfully  and  genially  undergone.  Do  not  dispense 
your  bounties  only  because  you  know  it  to  be  your  duty,  and 
are  afraid  to  leave  it  undone ;  for  this  is  one  of  those  duties  which 
should  be  done  more  in  the  spirit  of  love  than  that  of  fear.  I 
have  known  persons  who  have  lived  frugally,  and  spent  a  large  in 
come  almost  entirely  in  acts  of  charity  and  bounty,  and  yet,  with  all 
this,  they  had  not  the  open  hand.  When  the  act  did  not  define 
itself  as  a  charitable  duty,  the  spirit  of  the  God-beloved  giver  was 
wanting,  and  they  failed  in  all  those  little  genial  liberalities  towards 
friends,  relatives  and  dependants,  which  tend  to  cultivate  the  sym 
pathies  and  kindnesses  of  our  nature  quite  as  much  as  charity  to 
the  poor,  or  munificence  in  their  contributions  to  public  objects. 

The  kindness  from  which  a  gift  proceeds  will  appear  in  the 
choice  as  well  as  in  the  cost  of  it.  I  have  known  a  couple  who 
married  on  £300  a  year  receive  three  carriages  as  wedding  gifts, 
they  being  unable  of  course  to  keep  one.  The  donors  had  been 
thinking  rather  of  what  would  do  credit  ^to  themselves  than  of  what 
would  be  serviceable  and  acceptable. 

When  gifts  proceed  from  public  bodies,  communities,  or  high 
functionaries,  in  the  way  of  testimonials,  and  are  to  do  honor  to 
the  party  receiving  them,  they  should,  if  possible,  assume  a  shape 
in  which  they  will  be  seen  without  being  shown. 

There  is  often  as  much  generosity  in  accepting  gifts  as  there  can 


250  A   PRACTICAL   TREATISE 

be  in  bestowing  them — the  generosity  of  a  nature  which  stands 
too  strong  in  its  humility  to  fear  humiliation,  which  knows  its  own 
independence,  and  is  glad  to  be  grateful. 

Upon  a  very  different  sense  of  generosity«are  some  of  the  prac 
tices  of  the  present  time  founded.  It  is  not  an  uncommon  thing 
amongst  some  persons,  with  peculiar  notions  of  doing  things  deli 
cately,  for  contributions  to  be  conveyed  to  some  decayed  gentlewo 
man  under  various  pretences  which  are  meant  to  disguise,  more  or 
less  transparently,  the  fact  that  she  receives  money  in  charity. 
Some  wretched  products  of  her  pencil,  which  would  not  command 
one  penny  in  the  market,  are  privately  sold  for  five  shillings  a  piece, 
and  the  proceeds  paid  to  her  as  if  she  had  earned  them ;  or  a  few 
deplorable  verses  are  stitched  together,  and  disposed  of  in  the  same 
manner.  It  is  surely  impossible  to  take  a  more  unworthy  view  of 
what  should  be  the  character  of  a  gentlewoman  than  that  which 
this  sort  of  proceeding  implies.  If  a  gentlewoman  be  in  want, 
she  should  say  so  with  openness,  dignity,  and  truth,  and  accept  in 
the  manner  that  becomes  a  gentlewoman,  in  all  lowliness,  but  without 
the  slightest  humiliation  or  shame,  whatever  money  she  has  occa 
sion  for  and  others  are  willing  to  bestow.  The  relations  between 
her  and  them  will  in  that  case  admit  of  respect  on  the  one  side, 
and  gratitude  on  the  other.  But  where  false  and  juggling  preten 
ces  are  resorted  to,  no  worthy  or  honest  feeling  can  have  place. — 
Delicacy  is  a  strong  thing ;  and  whether  in  giving  or  taking,  let  us 
always  maintain  the  maxim,  that  what  is  most  sound  and  true  is 
most  delicate. 

There  are  some  other  ways  of  the  world  in  this  matter  of  charity, 
which  proceed,  I  think,  upon  false  principles  and  feelings — charity 
dinners,  charity  balls,  charity  bazaars,  and  so  forth  '}  devices — not 
even  once  blessed — for  getting  rid  of  distress  without  calling  out 
any  compassionate  feeling  in  those  who  give,  or  any  grateful  feel 
ings  in  those  who  receive.  God  sends  misery  and  misfortune  into 
the  world  for  a  purpose;  they  are  to  be  a  discipline  for  His  crea 
tures  who  endure,  and  also  for  his  creatures  who  behold  them.  In 
those,  they  are  to  give  occasion  for  patience,  resignation,  the  spiritual 
hopes,  and  aspirations,  which,  springing  from  pain  when  there  comes 
no  earthly  relief,  or  the  love  and  gratitude  which  earthly  ministra- 


ON    BUSINESS.    '     '  251 

tions  of  relief  are  powerful  to  promote.  In  these,  they  are  to  give 
occasion  for  pity,  self-sacrifice,  and  devout  and  dutiful  thought, 
subduing,  for  the  moment,  at  least,  the  light,  vain,  and  pleasure- 
loving  motions  of  our  nature.  If  distress  be  sent  into  the  world 
for  these  ends,  it  is  not  well  that  it  should  be  shuffled  out  of  the 
world  without  any  of  these  ends  being  accomplished;  and  still 
less,  that  it  should  be  made  the  occasion  of  furthering  ends  in 
some  measure  opposite  to  these ;  that  it  should  be  danced  away  at 
a  ball,  or  feasted  away  at  a  dinner,  or  dissipated  at  a  bazaar. 
Better  were  it,  in  my  mind,  that  misery  should  run  its  course,  with 
nothing  but  the  mercy  of  God  to  stay  it,  than  that  we  should 
thus  corrupt  our  charities. 

Let  me  not  be  misunderstood.  Feasting  and  dancing,  in  them 
selves  and  by  themselves,  I  by  no  means  disparage  ;  there  is  a  time 
and  a  place  for  them  ;  but  things  which  are  excellent  at  one  time 
and  occasion,  are  a  mere  desecration  at  another.  It  is  much  more 
easy  to  desecrate  our  duties,  than  to  consecrate  our  amusements; 
and  better  not,  therefore,  to  mix  them  up  with  each  other. 

Another  modern  mode  is  to  raise  a  subscription  by  shillings  or 
pennies,  fixing  the  contribution  at  so  low  a  sum  that  nobody  can 
care  whether  they  give  it  or  not,  and  collecting  it  in  the  casual 
intercourse  of  society.  This  is  a  less  vitiated  mode  than  the 
others,  being  of  a  more  negative  character ;  but  if  the  others  are 
corrupted  charity,  this  is  no  better  than  careless  charity. 

Lastly,  there  is  a  rule  in  giving  which  is  often  overlooked  by 
those  whose  generosity  is  not  sufficiently  thoughtful  and  severe, 
Generosity  comes  too  perverted  from  its  uses  when  it  ministers 
to  selfishness  in  others ;  and  it  should  be  our  care  to  give  ill 
needful  support  to  our  neighbor  in  his  self-denial,  rather  than  to 
bait  a  trap  for  his  self-indulgence;  in  short,  to  give  him  pleasure 
only  when  it  will  do  him  good,  not  when  sacrifice  on  our  part 
are  the  correlatives  of  abuses  on  his;  for  he  who  pampers  the 
selfishness  of  another,  does  that  other  a  moral  injury,  which  can 
ned  be  compensated  by  any  amount  of  gratification  imparted  to 
him. 


*J  A- PRACTICAL    TREATISE 

"  Give  thou  to  no  man,  if  thou  wish  him  well, 
What  he  may  not  in  honor's  interest  take  ; 
Else  shalt  thou  but  befriend  his  faults,  allied 
Against  his  better,  with  his  baser  self." 

As  to  BORROWING  AND  TAKING.  Never  lend  money  to  a  friend, 
unless  you  are  satisfied  that  he  does  wisely  and  well  in  borrowing 
it.  Borrowing  is  one  of  the  most  ordinary  ways  in  which  weak 
men  sacrifice  the  future  to  the  present;  and  thence  it  is  that  the 
gratitude  for  a  loan  is  proverbially  evanescent  ;  for  the  future  be 
coming  present  in  its  turn,  will  not  be  well  pleased  with  those  who 
have  assisted  in  doing  it  an  injury.  By  conspiring  with  your  friend 
to  defraud  his  future  self,  you  naturally  incur  his  future  displeas- 
sure.  To  withstand  solicitations  for  loans,  is  often  a  great  trial 
of  firmness  ;  the  more  especially  as  the  pleas  and  pretexts  alleged 
are  generally  made  plausible  at  the  expense  of  truth ,  for  nothing 
breaks  down  a  man's  truthfulness  more  surely  than  pecuniary  em- 
barrasment. 

"  An  un thrift  was  a  liar  from  all  time  ; 
Never  was  debtor  that  was  not  deceiver." 

The  refusal  which  is  at  once  the  most  safe  from  vacillation,  and 
perhaps  as  little  apt  to  give  offence  as  any}  is  the  point  lilanlt,  refusal 
without  reason  assigned.  Acquiescence  is  more  easily  given  in  the 
decision  of  a  strong  will  than  in  reasons,  which  weak  men,  under 
the  bias  of  self-love,  will  always  imagine  themselves  competent  to 
controvert. 

Some  men  will  lend  money  to  a  friend,  in  order,  as  it  were,  to 
purchase  a  right  of  remonstrance ;  but  the  right  so  purchased  is 
worth  nothing.  You  may  buy  the  man's  ear,  but  not  his  heart  or 
understanding. 

I  have  never  known  a  debtor  or  a  prodigal  who  was  not  in  his 
own  estimation  an  injured  man;  and  I  have  generally  found  that 
those  who  had  not  suffered  by  them  were  disposed  to  side  with  them  • 
for  it  is  the  weak  who  make  the  outcry,  and  it  is  by  the  outcry  that 
the  world  is  wont  to  judge.  They  who  lend  money  to  spendthrifts 
should  be  prepared,  therefore,  to  suffer  in  reputation  as  well  as  in 
their  purse.  Let  us  learn  from  the  son  of  Sirach  :  "  Many,  when 


ON    BUSINESS.  253 

a  thing  was  lent  them,  reckoned  it  to  be  found,  and  put  them  to 
trouble  that  helped  them.  Till  he  hath  received,  he  will  kiss  a 
man's  hand,  and  for  his  neighbor's  money  he  will  speak  submis 
sively  ;  but  when  he  should  repay,  he  will  prolong  the  time,  and 
return  words  of  grief,  and  complain  of  the  time.  If  he  prevails,  he 
shall  hardly  receive  the  half,  and  he  will  count  as  if  he  had  found  it ; 
if  not,  he  hath  deprived  him  of  his  money,  and  he  hath  gotten  him 
an  enemy  without  cause }  he  payeth  him  with  cursings  and  railings, 
and  for  honor  he  will  pay  him  disgrace." 

It  is  a  common  reproach  with  which  mankind  assails  mankind, 
that  those  who  fall  into  poverty  are  forsaken  by  their  friends : — 

"  Ay,  quoth  Jacques, 
Sweep  on,  you  fat  and  greasy  citizens  ; 
'  Tis  just  the  fashion.     Wherefore  do  you  look 
Upon  that  poor  and  broken  bankrupt  there  ?" 

But  before  the  friends  of  the  poor  be  condemned,  it  would  be 
well  to  inquire  whether  their  poverty  have  been  honestly  come  by ; 
and  I  believe  it  would  be  rarely  found  that  a  person  in  a  fair  con 
dition  of  life  is  allowed  to  sink  unassisted  into  extreme  indigence 
without  some  serious  fault  and  offence ;  and  the  person  having  so 
sunk,  it  will  be  found  to  be  still  more  hardly  the  case  that  the 
pressure  of  poverty  is  not  too  strong  for  his  character.  It  is  when 
the  character  has  given  way,  that  poverty  is  deserted ;  for  pity  and 
affection,  divorced  from  respect,  lose  the  main  element  of  their 
strength  and  permanency. 

The  ordinary  course  of  things,  then,  is  as  follows  :  A  becoming 
embarrassed,  through  some  perhaps  venial  imprudence,  is  kindly 
assisted  by  his  friends  B,  C,  and  D ;  who,  however,  do  not  alto 
gether  approve  his  conduct,  but  think  it  would  be  ungenerous  in 
them,  under  the  protection  of  the  favors  they  are  conferring,  to 
assail  him  with  reproaches.  So  far  all  goes  smoothly  between  A 
on  the  one  hand,  and  B,  C,  and  D,  on  the  other.  But  A  having, 
by  the  loans  he  has  received,  staved  off  any  immediate  conse 
quences  of  his  imprudence,  is  under  a  rather  stronger  temptation 
than  before  to  forego  the  severe  self-denial  which  would  set  him 
right  again.  lie  has  now  broken  the  ice  in  the  matters  of  asking 


254  A   PRACTICAL    TREATISE 

favors ;  he  has  incurred  whatever  humiliation  belongs  to  it ;  and 
having  begged  once,  it  costs  him  comparatively  little  to  beg  again. 
This  process  of  begging  and  borrowing  goes  on,  therefore,  becom 
ing  continually  more  frequent  and  less  efficacious ;  and  as  the  bor 
rower  grows  less  and  less  scrupulous,  he  nourishes  his  pride,  the 
ordinary  refuge  of  those  who  lose  their  independence,  and  resents 
every  repulse  as  an  insult.  B,  C,  and  D  then  discover  that  they 
are  not  thanked  for  what  they  have  lent,  but  rather  reproached  for 
not  lending  more  and  more  ;  whereupon  they  withdraw  their  friend 
ship  ;  and  those  who  ignorantly  look  on,  or  perhaps  hear  the  story 
of  A,  whilst  B,  C,  and  D  are  silent  out  of  consideration  for  him, 
make  remarks  on  inconstancy  in  friendship  and  the  manner  in 
which  men  are  forsaken  in  their  adversity  and  distress. 

The  desertion  of  friends,  however  well  merited,  leads  the  embar 
rassed  man  to  consider  himself  as  a  castaway,  and  throw  himself 
into  still  more  reckless  and  shameless  courses,  and  on  the  part  of 
men  in  this  condition  there  is  sometimes  seen  a  perfect  infatuation 
of  extravagance,  which  seems  to  proceed  from  the  delusions  of  a 
disordered  mind  and  a  sort  of  fascination  in  ruin.  Such  men  come 
to  have  a  repugnance  to  spare  expense,  because  it  brings  the  feeling 
of  their  difficulties  home  to  them  ;  and  a  relief  in  profuseness,  be 
cause  it  seems  for  the  moment  to  renounce  the  very  notion  of 
embarrassment.  The  end  may  be  short  of  the  gallows,  for  in  our 
days  the  gallows  has  fallen  out  of  favor,  but  it  will  scarcely  be  short 
of  a  punishment  worse  than  death;  for  men  will  not  tolerate  in  its 
necessary  consequences  that  to  which  they  are  very  indulgent  in 
its  indication,  and  the  "  unfortunate  debtor"  who  was  cockered 
with  compassion  whilst  he  was  in  that  stage  of  his  existence,  is 
regarded  with  just  indignation  and  abhorrence  when  he  has  passed 
into  that  of  the  desperate  outcast;  though  it  may  be  as  much  in 
the  course  of  nature  that  the  one  stage  should  follow  the  other,  as 
that  a  tadpole,  if  he  lives,  should  grow  to  be  a  toad. 

There  remains  to  be  considered  the  subject  of  BEQUEATHING. 

To  make  a  will  in  one  way  or  another  is,  of  course, 'the  duty  of 
every  person  whose  heir-at-law  is  not  the  proper  inheritor  of  all  he 
possesses;  and  unless  where  there  is  some  just  cause  for  setting 
them  aside,  expectations  generated  by  the  customs  of  the  world  are 


ON    BUSINESS.  255 

sufficient  to  establish  a  moral  right  to  inherit,  and  to  impose  a  cor 
responding  obligation  to  bequeath.  For  custom  may  be  presumed, 
in  the  absence  of  any  reasons  to  the  contrary,  to  have  grown  out  of 
some  natural  fitness ;  and  at  all  events  it  will  have  brought  about 
an  amount  of  adaptation  which  is  often  sufficient,  as  regards  indi 
vidual  cases  to  make  a  fitness  where  there  was  none.  Unless  in 
exceptional  instances,  therefore,  in  which  special  circumstances  are 
of  an  overruling  force,  the  disappointment  of  expectations  growing 
out  of  custom  is  not  to  be  inflicted  without  some  very  strong  and 
solid  reasons  for  believing  that  the  custom  needs  to  be  reformed. 

If  there  be  such  reasons,  by  all  means  let  the  custom  be  disre 
garded,  all  expectations  to  the  contrary  notwithstanding— 

"  What  custom  wills  in  all  things  should  we  do, 
The  dust  on  antique  time  would  lie  unswept, 
And  mountainous  error  be  too  highly  heaped 
For  truth  to  overpeer." 

But  the  presumption  should  be  always  held  to  be  in  favor  of 
custom,  and  he  who  departs  from  it  without  the  plea  of  special  cir 
cumstances  should  be  able  to  find  in  himself  a  competency  to  cor 
rect  the  errors  of  mankind. 

If  it  be  not  well  for  the  natural  or  customary  heirs  that  they 
should  be  disappointed,  neither  is  it  for  those  to  whom  an  inherit 
ance  is  diverted,  that  wealth  should  come  upon  them  by  surprise. 
Sudden  and  unexpected  accessions  of  wealth  seldom  promote  the 
happiness  of  those  to  whom  they  accrue ;  and  they  are,  for  the 
most  part,  morally  injurious,  especially  when  they  accrue  by  un 
due  deprivation  of  another. 

But  some  part  of  the  property  of  most  people,  and  a  large  part, 
or  even  the  whole  of  the  property  of  some  people,  may  not  be  the 
subject  of  just  or  natural  expectations  on  the  part  of  customary 
heirs ;  and  in  respect  of  such  property,  there  is  a  great  liberty  of 
judgment  on  the  part  of  the  testator,  though  it  is  to  be  a  grave  and 
responsible,  not  a  capricious  liberty.  The  testator  has  to  consider 
to  whom  the  property  will  bring  a  real  increase  of  enjoyment,  with 
out  increase  of  temptation,  and  in  whose  hand  it  is  likely  most  to 
promote  the  happiness  of  others.  In  general,  the  rule  of  judg- 


256  A   PRACTICAL    TREATISE    ON    BUSINESS. 

ment  should  be  to  avoid  lifting  people  out  of  one  station  into  an 
other  ;  and  to  aim  at  making  such  moderate  additions  to  moderate 
fortunes  in  careful  hands  as  may  not  disturb  the  proportion  of  pro 
perty  to  station  ;  or,  still  better,  may  rectify  any  disproportion, 
and  enable  those  who  are  living  with  a  difficult  frugality  to  live 
with  a  free  frugality. 

This  rule  is  not,  I  fear,  very  generally  regarded,  for  mere 
rectitude,  and  the  observation  of  measures  and  proportions,  do  not 
much  lay  hold  of  the  minds  of  men.  On  the  contrary,  there  is  a 
general  disposition  to  add  to  any  thing  which  affects  the  imagination 
\)y  magnitude ;  and  there  is  also  in  some  people  a  sort  of  gloating 
over  great  wealth,  which  infects  them  with  a  propensity  to  feed  a 
bloated  fortune.  Jacques  took  note  of  this  when  he  saw  the  deer 
that  was  weeping  in  "  the  needless  stream :' 

"  Thou  mak'st  a  testament 
As  worldlings  do,  giving  thy  sum  of  more, 
To  that  which  had  too  much." 

Thus  it  is  that  in  the  most  solemn  acts  which  men  have  to  per 
form  in  the  management  of  their  money ;  in  those  too  from  which 
selfish  ends  seem  most  removed,  they  will  often  appear  to  be  as 
little  sensible  of  moral  motives  and  righteous  responsibilities  as  in 
any  other  transactions;  and  even  a  testator  jamjam  moriturus  will 
dictate  his  will  with  a  sort  of  posthumous  cupidity,  and  seem  to 
desire  that  his  worldliness  should  live  after  him. 


LETTERS 


AND 


MISCELLANIES 


.2* 


257 


LETTERS  FROM  HON.  JOHN  FREEDLEY. 


MR.  FREEDLEY  was  born  near  Norristown, Montgomery  Co.,  Pa., 
May  22,  1793.  He  was  engaged  in  making  brick  for  a  while,  but 
concluded  to  abandon  "foot"  work  and  try  "head"  work.  He 
studied  law,  was  admitted  to  the  bar  August  16,  1820,  and  rose 
rapidly  in  his  profession.  His  knowledge  of  the  German  language, 
and  his  previous  acquaintance  with  business,  obtained  for  him  at 
once  an  extensive  practice.  His  earnings  and  savings  he  invested 
in  real  estate  purchased  at  sheriff' s  sales,  and  at  ordinary  public 
and  private  sales,  and  gradually  he  became  something  of  a  land 
speculator.  His  purchases,  however,  were  managed  with  such 
judgment  that  they  invariably  advanced  in  value,  and  in  some 
cases  largely.  The  first  estimate  of  his  property  in  his  annual  in 
ventory,  which  he  afterwards  kept  regularly,  is  dated  April  1, 
1822,  and  is  85,680T%. 

In  1832  or  1833,  he  embarked  in  the  marble  business,  and  gradu 
ally  withdrew  from  his  profession.  In  1838,  he  made  the  following 
memorandum  :  "  I  now  find  my  debts  about  650,000,  and  these  too 
have  grown  upon  me  in  ten  years.  It  is  one  of  the  consequences 
of  too  much  enterprise,  too  great  a  disposition  to  drive  a  business. 
It  is  a  rock  on  which  many  have  split,  and  it  is  marvellous  that, 
seeing  the  breakers  ahead,  and  knowing  the  dangers  of  an  onward 
course,  we  are  not  willing  to  avoid  them.  But  ten  years  since  I 
was  a  simple  six  per  cent,  man,  and  had  never  given  a  note  or  an 
obligation.  I  owned  no  real  estate  ;  now  I  have  run  on  the  oppo 
site  extreme ;  own  lands  every  where,  and  rest  easy  under  a  debt  of 
fifty  thousand."  The  usual  consequences  of  this  "  too  much  enter- 

(259) 


260  LETTERS   AND    MISCELLANIES. 

prise,"  in  those  times  that  tried  men's  pockets,  he  did  not  entirely 
escape,  though  the  actual  results  to  him  were  not  more  serious  than 
the  loss  of  a  few  thousands,  and  a  great  deal  of  anxiety  and  mental 
harassment.  In  1844  or  J45,  he  disposed  of  his  marble  business, 
and  in  1846,  though  a  Whig,  was  elected  to  Congress  as  Repre 
sentative  for  the  5th  Pennsylvania  Congressional  district,  which 
usually  gives  from  500  to  600  Democratic  majority.  In  1848,  he 
was  re-elected.  In  Congress,  an  affection  of  the  voice  as  well  as  a 
retiring  nature  prevented  him  from  taking  an  active  part  in  the 
debates  of  that  turbulent  body,  but  in  his  votes  he  always  exercised 
his  own  independent  and  unsurpassed  judgment.  He  died  Decem 
ber  8,  1851.  He  was  a  man  of  kind  heart,  superior  mind,  simple 
tastes,  and  unpretending  manners. 

The  following  letters  and  memoranda  will  not  possess  much  inte 
rest  for  the  general  reader;  but  to  his  constituents  and  friends,  with 
whom  he  was  deservedly  considered  high  authority,  they  will  not 
be  altogether  devoid  of  interest,  especially  to  those  whose  attention 
has  been  directed  to  the  subjects  of  which  they  treat. 

March  19,  1848. 

As  to  the  times,  I  confess  the  prospects  are  dreary.  The  great 
manufacturing  establishments  of  our  country  are  stopping  or  keeping 
on  at  a  sickly  pace.  Business  seems  to  be  approaching  a  stand-still, 
and  the  different  branches  of  business  are  relatively  like  the  members 
of  the  animal  body.  If  one  branch  is  paralyzed,  it  affects  all  the  rest. 
It  is  not  wise  to  suppose  that  merchandising  and  building  will  go  on 
as  usual  when  the  factory,  furnace,  and  the  machine-shops  are  stop 
ped.  A  paralysis  in  industrial  pursuits  affects  the  prices  of  property, 
real  and  personal,  and  makes  the  stock  which  was  worth  $1000  under 
the  favorable  circumstances,  not  worth  more  than  $500  under  the 

depression. 

****** 

So  far  I  have  been  a  silent  observer  in  the  legislative  hall,  and, 
perhaps,  shall  remain  silent,  unless  the  tariff  question  comes  up,  and 
I  should  get  an  opportunity  on  that.  There  is  always  difficulty  to 
obtain  the  floor,  on  a  question  of  importance,  and  I  never  was  good 

at  a  scramble  for  precedence. 

****** 

As  to  the  political  horizon,  I  scarcely  know  what  to  say.   The  news 


LETTERS   AND    MISCELLANIES.  261 

this  morning  of  a  bloody  revolution  in  France  raises  the  curtain  to 
new  scenes  for  the  imagination  to  dwell  upon.  Where  is  this  to  end  ? 
To  what  is  it  to  lead  ?  How  is  it  to  affect  us  ?  I  cannot  imagine  an 
answer  to  either  of  these  questions.  It  may  be  but  a  three  days' 
commotion,  and  it  may  convulse  the  whole  earth.  The  war  with 
Mexico,  I  fear  too,  is  not  yet  over.  It  has  taught  us,  I  trust,  that  it  is 
easier  to  get  into  afiglit  than  it  is  to  get  out  of  it  when  you  are  in. 


WASHINGTON,  July  1,  1848. 

DEAR : 

From  your  last  letter,  I  could  not  tell  whether  you  had  received 
mine  with  the  advertisement  of  the  Webster  Lands  at  the  time  you 
wrote  it  or  not.  I  should  like  to  have  information  specifically  respect 
ing  those  lands,  and  if  there  is  chance  for  speculation,  I  possibly  might 
buy  ;  but  I  confess  the  chances  of  a  non-resident  to  speculate  in  wild 
lands  is  not  what  it  is  cracked  up  to  be,  and  yet  with  proper  industry 
and  attention  it  might  be  made  a  productive  business,  yielding  at  least 
25  per  cent,  on  the  capital  invested.  I  will  tell  you  how.  There  are 
now,  and  will  be  for  a  year  to  come,  a  great  quantity  of  land  bounty 
warrants  for  sale  here.  They  are  selling  at  from  $115  to  $125  per 
•warrant.  Each  of  these  is  equal  to  $200  in  paying  for  government 
land.  Now  my  plan  would  be  this,  that  I,  or  you  and  I,  or  brother 
Henry  and  you,  should  attend  the  land  sales,  and  loan  to  actual 
settlers  the  money  to  redeem  or  purchase  their  lands,  take  the  title, 
and  give  a  bond  to  reconvey  on  repayment  of  the  sum  agreed  on. 
Each  land  warrant  would  be  equal  to  $200  in  an  operation  of  this  kind, 
and  the  settlers  will  give  12  or  15  per  cent,  on  this  for  two  or  three 
years.  Thus  the  $115  paid  for  the  warrant  would  be  made  to  yield 
$300  in  three  years,  or  perhaps  $400  in  four  years.  I  have  an  oppor 
tunity  of  the  best  of  information  on  this  subject.  The  two  new  mem 
bers  from  Wisconsin  are  in  our  mess.  The  one,  Mr.  Lynde,  is  a  law 
yer,  and  speaks  very  discouragingly  of  investments  in  back  lands,  says 
it  is  the  most  unsafe  and  unprofitable  investment  you  can  make ;  that 
it  requires  constant  watching,  or  you  will  lose  your  land.  If  there  is 
timber  on  it,  it  will  be  plundered.  That  the  feeling  of  the  people  is 
against  non-residents,  and  in  favor  of  burthening  such  land  with  heavy 
taxes,  that  the  tax  collector  does  not  look  up  the  owner,  but  the  owner 
must  call  at  the  office  and  pay,  or  his  land  will  be  sold  without  notice 
for  taxes  ;  and  even  when  the  owner  or  his  agent  is  careful  to  pay, 


262  LETTERS  AND  MISCELLANIES. 

his  land  will  sometimes  be  sold  on  account  of  the  carelessness  of  the 
officer  to  give  credit.  He  further  states  that  mortgages  or  titles  from, 
new  settlers  to  secure  money  paid  or  loaned  is  equally  unsafe,  and 
requires  the  same  kind  of  care  ;  that  when  the  non-resident  comes  to 
look  for  his  security  for  the  money  he  advanced,  he  finds  that  the 
occupant  permitted  the  land  to  be  sold  for  taxes,  perhaps  for  the  express 
purpose  of  cutting  out  your  mortgage  or  title.  On  the  other  hand,  Dr. 
Darling,  the  other  member,  says  that  money  may  now  be  invested  in 
land  which  will  produce  from  25  to  100  per  cent,  per  annum.  He  ad 
mits  that  care  and  attention  are  necessary.  He  is  a  shrewd  discriminat 
ing  Yankee,  and  knows  "  what  is  what."  He  and  his  son  keep  an  office, 
and  their  special  business  is  of  the  kind  here  designated.  I  think 
their  office  is  at  Fond  du  Lac,  at  the  head  of  Winnebago  Lake.  They 
keep  a  surveyor  out  to  look  up  advantageous  locations — have  maps 
of  surveys,  and  keep  a  record  of  all  that  is  located,  and  mark  it  on 
the  map,  so  that  they  know  how  the  current  is  setting,  and  what  tracts 
•will  grow  into  value  most  rapidly.  They  also  buy  and  sell  these  land 
warrants.  Dr.  Darling,  living  here,  buys  them  at,  say  $118,  and  sends 
them  out  to  his  son,  who  sells  them  at  $175  to  $180,  and  I  think  he 
says  they  now  sell  on  an  average  one  a  day.  Thus  managed,  it  may 
be  to  them  a  good  business.  It  is  for  the  reasons  here  stated,  that  I 
would  remark  that  the  only  course  for  me  would  be  the  one  marked 
out  in  the  commencement.  But  whether  there  is  any  thing  even  in 
this  worth  pursuing,  I  submit  to  you  as  a  question. 

To  E.  T.  F. 


July  29,  1848. 

It  is  now  pretty  certain  that  Congress  will  finally  break  up  on  the 
14th  of  August,  and  I  shall  be  heartily  glad  of  it.  I  am  very  tired  of 
Washington,  and  of  being  a  member  of  Congress.  The  business  does 
not  suit  my  taste ;  a  large  portion  of  the  session  I  was  laboring  under 
severe  colds,  which  rendered  ,me  unfit  for  business  or  for  enjoyment. 
Since  the  warm  weather  has  set  in,  I  am  in  a  measure  free  from  colds, 
and  enjoy  good  general  health,  but  have  an  affection  of  the  head  or 
throat  which  affects  my  voice.  It  is  of  more  than  twelve  months' 
standing,  and  I  am  now  under  medical  treatment  for  it.  I  have  hopes, 
but  fear  that  my  voice  may  be  permanently  affected,  in  which  case  I 
shall  be  incapacitated  for  public  speaking,  and  shall  decline  being  a 
candidate  for  a  re-election. 


LETTERS    AND    MISCELLANIES.  263 

The  following  is  an  extract  from  his  "  Address  to  the  Free  Elec 
tors  of  the  Fifth  Pennsylvania  Congressional  District/'  embracing 
his  views  on  the  tariff  question. 


Sept.  27,  1848. 

The  famine  in  Europe  during  the  past  year,  for  a  time,  averted  the 
evils,  predicted  from  a  repeal  of  the  protective  tariff,  and  gave  a 
transient  cause  of  gratulation  to  the  friends  of  free  trade.  That  has 
passed  away  —  and  while  it  served  to  postpone  the  predicted  evils,  it 
has  also  made  the  contrast  the  more  glaring.  The  famine  in  Europe 
the  past  year  enabled  us  to  export  breadstuff's  and  provisions  to  the 
amount  of  near  forty  millions,  and  turned  the  balance  of  trade  in  our 
favor,  so  that  specie  flowed  into  the  country  by  millions,  which  stimu 
lated  every  branch  of  industry.  The  present  year  those  exports  will 
not  exceed  the  one-seventh  of  that  amount,  and  those  at  prices  which 
do  not  remunerate  the  shipper,  while  the  imports  continue  quite  as 
large  as  last  year,  thus  not  only  absorbing  the  balance  of  last  year, 
but  showing  a  balance  against  us  of  some  thirty  millions,  which  must 
be  paid  in  specie,  These  excessive  importations  still  continue,  and 
will  continue  under  the  present  tariff  so  long  as  one  dollar  of  money 
can  be  drawn  from  the  country  to  pay  for  them.  I  have  seen  it  stated 
that  the  imports  into  the  port  of  New  York  alone,  in  the  last  week, 
exceeded  two  millions  five  hundred  thousand  dollars,  while  the  ex 
ports  do  not  exceed  one-third  of  that  amount. 

The  distress  existing  in  Europe  has  reduced  the  amount  of  con 
sumption  and  prices  there,  and  leaves  the  market  glutted  and  de 
pressed.  The  manufacturer,  rather  than  reduce  his  prices  too  much 
at  home,  for  the  purpose  of  raising  the  necessary  funds,  sends  his 
surplus  goods  abroad,  and  sacrifices  them  in  a  foreign  market.  Hence 
goods  are  sent  over,  and  oftentimes  sold  at  prices  much  below  their 
cost.  The  effect  is  to  stop  the  manufacturer  here,  and  to  throw  the 
operatives  in  an  important  branch  of  industry  out  of  employ.  It  is 
this  that  has  so  suddenly  paralyzed  business  at  the  present  time,  and 
caused  the  great  scarcity  of  money.  The  wail  of  the  farmer,  the  me 
chanic,  the  business  man,  and  the  laborer  is  daily  and  hourly  sound 
ing  in  our  ears  the  change  which  has  taken  place  within  a  few  short 
months  ;  the  buoyancy  and  prosperity  of  the  past  season  have  disap 
peared  —  and  why?  —  Because  our  country  is  flooded  with  foreign 
manufactures  which  come  in  competition  with,  and  undersell  our 
own,  and  thus  deprive  the  manufacturing  portion  of  our  community 


284  LETTERS    AJXD    MISCELLANIES. 

of  their  accustomed  labor  and  means  of  support.  For  this  evil  there 
is  no  remedy  but  a  PROTECTIVE  TARIFF.  The  present  ad  valorem  duty 
is  scarcely  equal  to  the  difference  between  the  price  of  labor  here  and 
in  Europe.  It  therefore  leaves  the  manufacturer  and  the  operative 
at  the  mercy  of  the  foreign  capitalist — the  cost  of  transportation  across 
the  Atlantic  is  no  protection.  It  is  a  mere  nothing — not  equal  to 
fifty  miles  land  carriage  in  our  own  country. 

It  must  be  admitted  that  in  this  country  the  condition  of  the  labor 
ing  classes  is  superior  to  those  of  Europe — they  are  paid  better  prices 
for  their  labor,  and  do  afford  themselves  more  of  the  comforts  of  life. 
Capital  also  commands  a  higher  rate  of  interest  here  than  in  Europe  ; 
hence  with  equal  facilities  goods  can  be  produced  cheaper  in  Europe 
than  in  this  country.  How  then  shall  we  counterbalance  this  advan 
tage  on  the  part  of  the  European  manufacturer,  so  as  to  give  some 
security  for  capital  invested  in  manufacturing  establishments  here  ? 
The  opponents  of  a  protective  tariff  say  it  must  be  by  reducing  the 
wages  of  labor  to  tlie  European  standard.  Is  this  practicable  ?  Is  it 
desirable  ?  The  united  voices  of  millions  with  one  accord  answer  no, 
and  they  should  consign  to  infamy  the  man  who  would  propose  it. 
The  only  other  course  is,  to  make  that  capital  secure,  by  a  tariff  on 
imports — a  substantial  protective  tariff,  which  will  cause  to  be  manu 
factured  in  our  own  factories  and  workshops,  by  our  own  artizans 
and  operatives,  the  merchandize  needed  for  our  consumption.  It  is 
only  by  this  policy  that  our  country  can  be  made  prosperous  and 
truly  independent. 

Nor  is  it  true  that  protection  is  a  tax  upon  the  consumer.  All  ex 
perience  proves  it  to  be  a  mistaken  notion  that  a  protective  tariff  en 
hances  the  regular  price  of  the  goods  so  protected.  It  only  protects 
the  producer  here  against  the  sudden  influx  from  a  foreign  glutted 
market,  and  thus  renders  his  business  more  secure.  That  security 
invites  competition,  and  that  competition  after  a  time  gives  the  article 
to  the  consumer  at  a  price  below  what  he  would  obtain  the  foreign 
article  at  if  there  were  no  protective  tariff.  In  determining  upon  the 
the  expediency  of  ordering  the  goods,  the  merchant  will  take  into  consi 
deration  the  duties  which  he  Avill  have  to  pay  upon  them,  but  having 
ordered  them,  or  receiving  a  cargo  on  foreign  account,  he  puts  them 
into  the  market  and  sells  them  at  the  price  at  which  that  article  is 
thon  selling,  without  regard  to  the  amount  of  duties  paid  upon  it.  If 
the  article  is  then  at  a  high  price,  he  makes  a  profit.  If,  on  the  other 
hand,  the  market  is  glutted  and  the  article  is  at  a  low  price,  he 
"  pockets  the  loss."  The  price  of  all  merchandise  is  regulated  by  the 


LETTERS   AND   MISCELLANIES.  265 

supply  and  demand.  The  varying  prices  of  the  same  description  of 
goods  under  the  same  tariff  will  satisfy  a  careful  observer  that  the 
cost  of  importation,  or  the  amount  of  duty  paid,  has  but  little  to  do 
with  regulating  the  price  at  which  the  goods  are  sold. 

But  suppose  we  admit,  for  the  sake  of  the  argument,  that  a  protective 
tariff  enhances  the  price  of  goods  to  the  extent  of  that  protection, 
still  the  prosperity  of  the  whole  people  and  the  best  interests  of  the 
country  require  the  adoption  of  that  policy.  I  aver  that  there  ne\?er 
was  a  country  truly  independent  and  prosperous  which  did  not  pro 
tect  its  own  industry.  Our  own  country,  in  all  instances,  has  been 
most  prosperous  when  she  had  a  protective  tariff.  It  is  for  the  bene 
fit  of  all  that  the  branches  of  industry  should  be  multiplied.  Each 
then  assists  the  other,  and  the  prosperity  of  one  branch  gives  succor 
and  sustenance  to  the  other.  The  artisan,  the  manufacturer,  and  the 
mechanic  are  the  legitimate  customers  of  the  farmer.  Increase  the 
business  of  these  branches,  and  you  in  the  same  proportion  increase 
the  market  and  prosperity  of  the  farmer.  Depress  or  destroy  any 
of  these  branches,  and  you  injure  or  destroy  his  market  to  the  like 
extent.  That  policy  which  tends  to  give  the  farmer  good  prices  and 
a  ready  market  tends  to  his  prosperity,  and  with  these  he  will  care 
but  little  whether  he  has  to  pay  six  or  eight  cents  per  yard  for  the 
calico  necessary  for  his  family,  or  whether  he  has  to  pay  five  or  four 
cents  per  pound  for  the  iron  he  uses.  It  is  then  disingenuous  and 
untrue  to  assert  that  the  duty  necessary  to  protect  and  preserve  the 
manufacturer  is  a  tax  and  burthen  upon  the  farmer. 

The  industry  of  the  country  is,  in  part,  made  up  of  the  agricul 
turist,  the  manufacturer,  arid  the  mechanic.  Each  branch  is  in  a 
measure  dependent  upon  the  other,  as  each  gives  aid  and  support  to 
the  other.  When  the  manufacturer  is  prosperous,  that  prosperity 
will  be  felt  by  the  mechanic  and  by  the  farmer.  When  the  business 
of  the  employer  is  profitable  and  prosperous,  the  operative  and  la 
borer  will  have  plenty  of  work  and  good  wages  ;  but  when  the  busi 
ness  fails  to  remunerate  the  employer,  the  workman  will  soon  feel  his 
dependence,  and  perhaps  find  himself  out  of  work  and  without  the 
means  of  a  livelihood.  It  is  not,  then,  the  capitalist  alone  who  is 
benefited  by  a  protective  duty,  as  is  often  asserted  by  the  British 
presses  in  mercantile  cities,  but  every  man,  woman,  and  child,  de 
pendent  upon  their  own  industry  for  support,  is  alike  benefited  by  it. 

To  ascertain  the  correctness  of  the  position  here  stated,  I  would 
ask  my  fellow-citizens  to  look  back  to  the  year  1842,  when  the  pro 
tective  tariff  law  was  passed,  and  compare  the  state  of  the  industrial 

23 


266  LETTERS   AND    MISCELLANIES. 

classes  and  business  of  that  year  with  1847,  when  that  tariff  had 
been  in  operation  but  a  little  more  than  four  years,  and  see  the  con 
trast.  How  many  hives  of  industry  have  sprung  up  within  that 
time?  How  have  your  cities  and  towns  increased? — thereby  afford 
ing  additional  markets  to  the  farmer  for  his  products.  How  many 
operatives  and  mechanics  have,  within  that  time,  secured  to  them 
selves  snug  homes  of  their  own? — and  let  them  say,  if  they  can, 
that  a  protective  tariff  benefits  no  one  but  the  capitalist  and  employer. 
To  exemplify  and  make  the  matter  of  a  protective  tariff  more  plain 
to  the  comprehension  of  every  person,  I  .would  remark  that,  within 
my  Congressional  district,  there  are  perhaps  thirty  cotton  and 
woollen  factories,  employing  each  from  sixty  to  four  hundred  opera 
tives,  and  perhaps  an  equal  number  of  furnaces,  forges,  rolling 
mills,  and  foundries,  employing  each  from  twenty  to  one  hundred 
workmen. 

I  have  obtained  a  statement  of  the*  operations  of  one  of  these  cot 
ton  mills,  by  which  it  appears  that  at  this  one  establishment  there  is 
paid  as  wages  to  operatives,  every  four  weeks,  the  large  sum  of  $6,100, 
amounting  in  the  aggregate,  in  the  course  of  a  year,  to  about  §75,000, 
which  is  again  paid  out  by  these  operatives  to  the  property  holder  as 
rent — to  the  storekeeper — to  the  market  man — mechanic  and  trades 
man.  In  its  ramifications,  it  sustains  the  business  and  affords  a  live 
lihood  to  at  least  quadruple  the  number  of  the  operatives  to  whom  it 
is  paid,  and  ultimately  most  of  it  gets  into  the  purse  of  the  farmer 
for  his  produce.  There  is  paid  annually  for  coal  the  sum  of  $8,337. 
This  goes  to  give  employment  and  support  to  the  miner — the  boat 
man — the  boat-builder  and  machinist,  and  also  ultimately  comes  to 
the  farmer.  The  other  expenses  are  for  oil,  for  flour,  for  sizing,  for 
hauling  cotton  and  manufactured  goods,  and  for  incidental  expenses 
— making  the  aggregate  paid  out  at  this  factory,  in  the  course  of  the 
year,  $94,298  71 !  This  is  but  one  of  the  fifty  or  sixty  establish 
ments  in  this  Congressional  District  to  which  I  have  already  alluded, 
each  exercising  a  like  beneficial  influence  in  its  vicinity  by  the  em 
ployment  it  gives.  Now,  let  us  suppose  that  the  policy  of  our  gov 
ernment  should  enable  the  European  manufacturer  so  to  flood  our 
markets  with  goods  of  a  similar  description  as  to  supply  the  demand 
at  prices  lower  than  it  costs  the  manufacturer  to  produce  them,  and 
thus  compel  him  to  stop  his  factory.  What  would  be  the  conse 
quence  ?  These  four  hundred  operatives  would  be  thrown  out  of  em 
ployment,  and  deprived  of  their  means  of  subsistence.  The  houses  now 
occupied  by  them  would  be  deserted.  They  would  be  driven  to  seek 


LETTERS   AND    MISCELLANIES.  267 

employment  in  other  pursuits. — Every  branch  of  industry  through 
out  the  neighborhood  would  at  once  feel  its  withering  effect.  Prop 
erty  and  prices  would  droop.  Those  indebted  would  become  bank 
rupt,  and  the  poor  be  without  support.  This  effect  upon  the  neigh 
borhood  by  the  stoppage  of  a  factory  is  but  the  type  of  the  general 
depression  upon  the  whole  country  where  its  manufacturing  interests 
are  paralyzed  by  excessive  importations.  Bankruptcy  and  wide 
spread  distress  always  have,  and  always  will  be  the  consequence. — 
This,  fellow-citizens,  is  not  a  fancy  sketch — it  is  plain  common  sense 
— it  is  but  cause  and  effect. — The  employer  and  the  employed — the 
owner  and  the  operative  are  mutually  dependent  upon  each  other. 
In  most  instances,  the  prosperity  of  the  one  is  the  prosperity  of  the 
other.  Take  from  industry  its  employment,  and  you  deprive  the  la 
borer  of  his  bread.  Lessen  the  wages  of  labor,  and  you  deprive  the 
operative  of  the  luxuries,  and  perhaps  even  of  the  comforts  of  life. 
Take  from  the  employer  his  fair  profits  on  his  business,  and  you  com 
pel  him  to  lessen  his  expenses  by  reducing  wages,  and  perhaps  ulti 
mately  to  stop  his  business,  and  thus  to  give  up  the  market  to  his 
foreign  competitor. 

Allow  me  then  to  ask  who  is  to  be  benefited  by  ih'isfree  trade  policy, 
to  which  the  Democracy  of  Pennsylvania  have  so  suddenly  and  so 
strangely  become  a  convert  ?  If  the  effect  is  to  destroy  the  business 
of  the  manufacturer,  or  to  coerce  tlie  labor  of  this  country  into  a  co 
partnership  with  the  pauper  labor  of  Europe — if  its  effect  is  to  check 
and  destroy  that  prosperity,  that  bounding  forward  which  we  have 
witnessed  every  where  in  our  glorious  State  since  the  enactment  of  the 
tariff  law  of  1842,  and  more  especially  along  the  beautiful  valley  of 
the  Schuylkill — if  its  effects  are  to  deprive  the  farmer  of  his  home 
market — to  lessen  the  ability  of  his  customers  to  buy  or  to  pay,  and 
consequently  to  lessen  the  value  of  his  land  and  of  all  he  has  to  sell — 
if  its  effects  are  to  flood  our  markets  with  the  product  of  foreign  work 
shops,  and  thus  to  throw  our  own  workmen  out  of  employment ;  or  to 
force  them  to  work  at  wages  which  will  afford  them  but  a  scanty  sub 
sistence  :  then  where,  I  ask,  are  its  benefits  ? — The  drone  who  lives 
on  the  interest  of  his  money,  and  the  office-holder  who  lives  on  his 
salary  or  emoluments  of  office,  may  be  benefited,  as  it  tends  to  make 
things  cheap.  It  may  also  tend  to  give  increased  business  to  the  job 
bers  and  agents  of  foreign  houses.  But  besides  these  I  know  of  no 
branch  of  industry  or  class  of  people  that  can  be  benefited  by  such 
policy.  And  yet  we  find  farmers  and  those  of  other  laboring  classes, 


268  LETTERS   AND    MISCELLANIES. 

who  do  not  aspire  to   or  ever  expect  office,  supporting  those  who 
espouse  and  advocate  this  fatal  policy. 


REED  HOUSE,  ERIE,  PA.,  July  29,  1849. 
DEAR  : 

My  last  letter  to  you  was,  I  think,  from  Cleveland,  and  intimated 
a  wish  that  you  would  write  to  me  at  Chicago,  which  place  I  expected 
to  take  in  the  circuit  of  my  journeyings.  From  Cleveland  I  went  to 
Detroit,  and  from  thence  to  Sault  St.  Marie,  where  I  regaled  myself 
on  white  fish  and  brook  trout.  In  looking  around,  I  felt  that  I  had 
got  to  the  extreme  of  civilized  society.  I  saw  the  Indian  in  his  wig 
wam,  and  paddling  his  bark  canoe.  After  spending  two  days  there, 
I  went  to  Mackinaw,  where  I  again  feasted  on  the  fish  of  those  waters. 
From  thence  I  went  by  Green  Bay  to  the  village  of  that  name.  I 
then  left  the  water,  and  had  some  practical  knowledge  of  the  staging 
of  that  country.  I  went  up  the  Fox  River  to  Neenah  at  Lake  Win- 
nebago,  where  I  again  took  steamboat  and  went  by  way  of  AshJcosTi 
to  Fond-du-Lac.  Here  I  sold  out  my  interest  in  the  nine  land  war 
rants  I  had  given  Dr.  Darling  to  locate  for  me.  He  allowed  me  25 
per  cent,  per  annum  on  my  investment,  from  the  time  he  received 
the  warrants  until  payment  of  the  money,  which  is  to  be  in  18  months 
from  the  time  of  his  receipt  of  the  warrants.  When  the  bargain  was 
completed  and  I  had  his  notes,  he  informed  me  that  he  would  make 
$1000  by  the  bargain,  and  have  the  money  for  the  lands  before  the 
notes  came  due.  I  am  satisfied  he  will,  as  he  was  about  selling  one 
of  the  tracts  at  20  shillings  an  acre,  whereas  it  only  costs  him  about 
90  cents  per  acre.  But  so  be  it.  I  do  well  enough,  and  he  does  much 
better.  I  find  there  is  no  difficulty  in  investing  in  Wisconsin  on  mort 
gage  in  considerable  sums  at  from  15  to  18  per  cent.,  and  on  small 
sums  on  land  at  from  25  to  50  per  cent.  A  young  man  from  the  East 
came  out  there  last  spring  with  $3000  in  money,  and,  with  the  assist 
ance  of  Dr.  Darling,  invested  the  whole  at  about  40  per  cent.  I  have 
some  idea  of  selling  off  my  Norristown  lots  and  investing  in  the 
West. 

On  leaving  Fond-du-Lac,  I  went  through  the  interior  of  Wisconsin 
by  stage  to  Watertown,  and  thence  to  Milwaukie.  Wisconsin  comes 
quite  up  to  my  expectations  in  fertility,  and  as  a  farming  country,  but 
it  is  no  place  to  make  or  save  money  at  farming.  From  Milwaukie 
I  went  to  Chicago,  where  I  found  two  letters,  but  was  disappointed 


LETTRES   AND    MISCELLANIES.  269 

in  not  finding  one  from  you.  I  had  observed  by  the  papers  that  the 
cholera  was  decreasing  in  Cincinnati  and  St.  Louis,  and  hence  had 
some  thoughts  of  returning  by  way  of  Iowa  and  Cincinnati,  and  de 
layed  making  up  my  mind  until  I  should  hear  from  you.  Not  hear 
ing  from  you,  I  concluded  to  return  homeward  by  this  place.  The 
cholera  is  quite  bad  at  the  towns  on  the  lakes.  It  was  at  Milwaukie, 
and  at  Chicago,  and  at  Cleveland  ;  at  Sandusky,  the  week  just  closed, 
it  was  awful.  In  a  population  of  5000,  on  Monday  last,  when  it 
broke  out,  there  were  36  deaths.  This  caused  a  panic,  and  people 
fled.  On  Tuesday,  the  deaths  were  upwards  of  20,  and  on  Wednes 
day,  less.  The  people  have  fled  until  they  say  there  are  not  more 
than  300  left.  Many  were  attacked,  and  died,  in  fleeing  from  it.  This 
is  worse  than  at  Cincinnati  or  St.  Louis.  I  am  glad  that  I  did  not 
happen  to  be  at  Sandusky. 

As  at  present  inclined,  I  think  I  shall  again  visit  my  relations  at 
Greensburg,  Pa.,  before  I  return  to  Norris.  Please  write  me,  directed 
to  that  place,  and  give  me  all  the  news  and  thoughts. 

Yours  truly, 

J.F. 
To  E.  T.  F. 


To  a  talented  young  Lawyer  on  "  Removing  to  the  West." 

May  23,  1850. 

I  FIND  you  are  still  determined  on  leaving  Norristown,  and  rather 
infer  from  your  letter  that  your  leaning  is  in  favor  of  our  own  West. 
Perhaps  you  are  right.  It  is  at  last  only  a  game  of  chance  ;  appear 
ances  may  be  favorable  to  one  section  now,  and  perhaps  before  you 
get  there,  a  change  may  come,  and  all  will  be  gloom.  It  is,  there 
fore,  the  dictate  of  prudence  to  look  into  the  future  as  best  you  can, 
and  plant  your  stake  where  the  chances  appear  the  most  favorable, 
and  then 

"  Hope  not  sunshine  every  hour ; 
Fear  not  clouds  will  ever  lower ;" 

brave  the  storm,  and  turn  luck  to  advantage,  and"you  will  have  but 
little  to  fear  wherever  you  go. 

It  is  true,  that  money  is  scarce  in  the  West,  and  that  this  is  partly 
owing  to  the  disposition  to.  emigrate  to  California,  but  this  cause  will 

23* 


270  LETTERS   AND    MISCELLANIES. 

soon  bo  over  for  the  present  season :  or  it  is,  perhaps,  now  over, 
though  note-brokers  and  private  bankers  continue  to  charge  a  large 
interest.  But  this  is  the  business  of  broking  and  banking,  and  we 
are  not  in  that  business,  and,  unless  the  inducements  were  great, 
should  not  like  to  be.  Then,  as  to  loaning  money  in  small  sums  on 
security  of  land  in  the  way  we  spoke  of,  this  requires  vigilance,  judg~ 
ment,  and  close  attention,  and  would  be  in  connection  with  your  pro 
fessional  business,  and  would  be  begun  in  a  small  way.  That  is,  it 
would  not  require  much  capital  at  first.  Wherever  you  locate  in  the 
West,  I  will  authorize  you  to  draw  for  a  few  thousand  in  this  way. 
To  B.  M.  B. 

The  following  letter  will  show  that  he  did  not  escape  the  "  Nica 
ragua''  fever,  though  perhaps  happily,  the  attack  was  light. 

June  24,  1850. 

YOUR  favor  of  the  8th  inst.,  came  duly  to  hand,  and  I  herewith 
send  you  an  article  from  this  day's  National  Intelligencer,  on  Central 
America,  which  has  had  the  effect  to  raise  the  fever  in  me  at  least  30 
per  cent.  It  contains  information  of  the  greatest  importance.  The 
mind  is  dazzled  at  getting  hold  of  some  thousand  acres  of  mahogany 
forest,  or  of  getting  hold  of  one  of  those  farms  on  the  plains  of  Nica 
ragua  with  from  10,000  to  40,000  oxen,  bulls  and  cows  upon  them, 
and  then  getting  Pennsylvania  farmers  upon  them.  For  I  tell  you,  in 
a  very  few  years  that  country  will  be  filled  with  Americans.  They 
are  now  flocking  there.  Or  the  idea  of  having  a  few  acres  on  the 
Island  of  Manzanilla  in  Navy  Bay,  in  case  that  should  be  the  eastern 
terminus  of  the  Panama  railroad  ;  and  then  the  richness  of  the  forests, 
the  mines  and  the  soil,  all  combine  to  give  it  advantages  over  any 
other  country  now  known,  not  excepting  California  itself.  The  cli 
mate,  too,  is  said  to  be  entirely  healthy.  I  have  letters  from  a  young 
friend  of  mine  who  passed  through  last  summer  on  his  way  to  Cali 
fornia,  and  was  delayed  some  months  in  Central  America  ;  he  writes 
that  it  is  not  only  the  most  delightful,  but  the  most  healthy  climate 
in  the  world.  The  necessaries  of  life  are  very  cheap  :  oranges  and 
baaanas  a  shilling  a  hundred  ;  eggs  two  cents  per  dozen,  &c.  It  would 
also  appear  that  the  government,  in  some  instances,  gives  large  tracts 
of  land  with  the  view  of  having  them  settled  or  colonized.  But  the 
main  object  would  be  the  business  we  propose  to  establish  there.  The 
nature  and  extent  of  this  must  be  determined  after  a  full  and  careful 
examination  of  all  that  is  to  be  seen.  It  would  be  best  to  begin  on  a 


LETTERS   AND   MISCELLANIES.  271 

small  scale,  and  gradually  expand.  I  wish  to  enter  into  a  joint  con 
cern  with  you  in  this  matter,  and  wish  you  to  go  to  that  country  and 
make  the  necessary  examination  early  after  September  next  as  may 
"be.  I  know  you  have  the  knowledge  and  the  discrimination,  and  I 
have  perfect  confidence  in  your  judgment.  I  can  invest  $30,000  the 
first  year  from  time  to  time,  as  it  may  be  required,  and  I  wish  you 
during  the  same  time  to  put  in  $20,000,  which,  with  your  additional 
services,  will  make  us  about  even.  And,  in  order  to  have  every  thing 
perfectly  fair,  every  investment  or  business  transaction  must  be  for 
the  joint  concern.  I  will  have  to  stick  here  at  my  post  until  the  4th 
of  March  next,  when  I  will  be  free  to  take  a  hand  in  the  business.  I 
think  it  probable  that  our  business  would  be  that  of  banking  and 
broking,  loaning  money  at  short  dates,  and  dealing  in  exchange  and 
general  speculation,  as  opportunity  offers.  In  short  our  object  will 
be  to  make  money  by  all  fair  means,  and  therefore  a  first  object  is  to 
get  a  reputation  for  capital  and  for  probity. 

It  will  be  necessary  for  you  to  make  yourself  acquainted  with  the 
Spanish,  so  as  to  speak  it  and  write  it.  You  must  have  a  passport ; 
and  a  letter  of  recommendation,  or  what  else  it  is  called,  from  a 
Catholic  bishop,  will  be  of  great  service,  and  is  almost  necessary. 

The  report  of  the  geological  survey  of  Wisconsin  and  Iowa,  by  Dr. 
Owen,  has  not  yet  been  published,  at  least  I  have  not  seen  it.  I  think 
there  was  an  order  the  other  day  for  printing  5000  copies  of  it,  which 
will  be  out  in  three  or  four  weeks.  I  will  endeavor  to  remember  to 
send  you  a  copy  when  it  comes  out. 

I  remain  truly  yours, 

J.  F. 


WASHINGTON,  Aug.  24,  1850. 
DEAR : 

ON  my  return  to  this  city  on  Monday  last,  after  a  short  visit  home, 
I  received  your  letter  of  the  4th  inst.  from  Harrodsburg.  You  no 
doubt  had  an  interesting  jaunt,  and  seem  to  have  experienced  the 
usual  incidents  of  travel,  much  fatigue,  and  something  still  to  interest. 
I  am  myself  very  desirous  of  taking  a  tour  through  the  Southern 
States,  particularly  to  visit  the  limestone  valleys  and  regions  of  Ala 
bama,  Georgia,  North  Carolina,  and  Tennessee,  and  see  their  deposits 
of  marble  and  of  iron  ore — their  coal  districts,  and  their  water  powers. 
I  feel  satisfied  that  upper  or  Western  Georgia  and  Alabama  afford 


272  LETTERS   AND   MISCELLANIES. 

better  locations  for  all  kinds  of  manufacturing  than  either  the  East 
ern  States,  or  Pennsylvania.  There  the  loom  and  the  spindle  would 
be  taken  to  the  cotton.  The  plough,  the  loom,  and  the  anvil  would 
be  then  side  by  side. 

In  your  former  letter  you  did  not  seem  to  be  taken  with  the  idea 
of  a  residence  in  Central  America,  or  in  California,  and  further 
reflection  and  more  recent  information  has  tended  to  cool  my  ardor 
on  this  subject.  There  would  be  heavy  drafts  on  a  person's  comforts 
there,  even  if  the  chances  of  making  money  were  as  great  as  I  at  first 
supposed  them  to  be.  To  be  candid,  my  advancing  years,  and  the 
effect  that  trouble  and  anxiety  have  upon  my  spirits,  admonish  me 
that  I  would  better  sit  down  among  my  friends,  and  enjoy  my  few 
remaining  days  in  quiet,  divested  of  the  anxieties  and  cares  of  busi 
ness.  This  would  be  better  accomplished  at  Philadelphia  or  at  Nor- 
ristown  than  in  any  other  place.  There  are  other  places  where  I 
could  make  my  investments  a  little  more  productive — where  money 
would  command  a  higher  interest.  But,  then,  the  question  arises, 
ought  this  to  be  an  object  with  me,  circumstanced  as  I  am  ?  At 
Chicago  and  Milwaukie,  I  could  make  permanent  and  safe  invest 
ments  at  from  ten  to  eighteen  per  cent.,  and  last  spring  I  seriously 
contemplated  investing  on  mortgage  there,  at  those  rates,  but  have  not 
yet  determined  when  I  will  enter  upon  this  matter,  and  one  matter 
after  another  transpires  to  admonish  me  not  further  to  strive  at  accu 
mulation.  So  you  will  see  I  am  not  yet  able  to  make  to  you  a  defi 
nite  proposition  on  the  subject  of  a  future  business. 

J.  F. 

To  E.  T.  F. 


LETTERS  FROM  J.  W.  SCOTT,  ESQ. 

GOOD  LOCATIONS   FOR   INVESTMENT. 

IT  is  a  peculiar  characteristic  of  the  Yankee,  that  when  he  "  comes 
of  age"  he  becomes  dissatisfied  with  his  paternal  home,  and  his  old 
associations,  and  must  go  a  wandering ;  and  it  is  still  more  peculiar 
that  in  his  new  situation  he  will  endure  contentedly  and  cheerfully, 
privations  and  hardships  which  he  would  pronounce  unendurable  in 
the  old.  Sometimes  he  does  wisely  and  well  by  the  change ;  and 


LETTERS  AND  MISCELLANIES.  273 

sometimes  he  sings  "  Home,  sweet  home,"  with  a  great  deal  of  pathos. 
It  is  no  doubt  a  mere  "  game  of  chance/'  A  man  who  thinks  of 
going  to  a  new  settlement,  should  ask  himself  the  question  which 
an  old  special  pleader  asked  of  a  father  who  was  anxious  to  appren 
tice  his  hopeful  son  to  the  law :  "  Can  your  son,  sir,  eat  sawdust 
without  butter  ?"  and  secondly,  he  should  see  that  he  has  money 
enough  to  take  him  to  his  new  destination,  keep  him  as  long  as  he 
chooses  to  stay,  and  bring  him  back  when  he  wishes  to  return ;  and 
thirdly,  he  should  answer  satisfactorily  the  question,  "  What  shall 
I  do  if  that  which  I  do  account  upon  shall  not  turn  out  as  I 
expect  ?"  It  is  certainly  the  height  of  folly  for  a  young  man  with 
little  or  no  money  to  leave  a  fair  situation  with  a  view  of  seeking 
a  better  in  the  large  cities  or  towns  of  the  South  or  West.  It  was 
computed  there  were  over  8000  persons  seeking  situations  in  New 
Orleans  the  winter  preceding  the  last.  It  is  questionable  policy 
for  a  man  who  has  reached  middle  life  to  cut  himself  loose  from 
old  ties,  and  go  to  new  places  in  search  of  fortune.  But  to  the 
young  man  of  robust  constitution  and  some  capital,  the  younger 
States  undoubtedly  afford  more  abundant  opportunities  for  the 
profitable  use  of  his  energy  and  capital  than  the  older  states,  and 
to  the  man  of  capital,  they  offer  inducements  that  are  exceedingly 
attractive.  Every  thing,  however,  depends  on  the  choice  of  a  loca 
tion,  and  reliable  information  on  this  subject  is  of  great  value. 

J.  W.  Scott,  Esq.,  whose  statesmanlike  mind  can  ascend  to  the 
loftiest  generalization  from  a  basis  of  the  most  carefully  selected 
facts,  and  one  of  the  obliging,  big-hearted  men  of  the  West,  gives 
a  good  deal  of  valuable  information  on  this  subject  in  the  follow 
ing  letter  and  articles  : — 

ADRIAN,  MICH.,  Feb.  2,  1852. 
DEAR  SIR: — 

Yours  of  9th  January  reached  me  after  a  slow  progress,  character 
istic  of  this  winter's  mail  hitherward. 

If  you  will  designate  with  more  particularity  on  what  branch  of 
business  you  desire  a  letter  from  me,  I  shall  be  better  able  to  say 
whether  my  knowledge  can  be  made  available  for  your  purpose.  My 
hobby,  for  many  years,  has  been  the  developementofthe  West,  includ 
ing  its  increase  in  population,  commerce,  and  arts.  As  connected 


'274  LETTERS    AND    MISCELLANIES. 

with  this,  I  have  watched  with  deep  interest  the  public  improvements 
in  progress  to  connect  this  region  with  the  old  States,  and  to  develop 
our  internal  resources.     At  present,  I  feel  more  interest  in  the  growth 
of  the  western  foci  of  commerce  than  in  any  other  public  matter.     In 
the  November  number  of  Hunt's  MercJiant's  Magazine,  is  an  article 
prepared  with  considerable  labor,  intended  to  show,  in  a  bird's-eye 
view,  the  relative  growth  of  the  towns  of  the  United  States.     This 
article  would  indicate  the  towns  or  cities  which,   having    the  most 
rapid  relative  growth,  would  seem  to  be  the  best  for  investment,  with 
a  view  to  rapid  increase  of  value.     My  confidence  in  Toledo  has  in 
duced  me  to  invest  chiefly  in   and  around  it,  in   preference  to  any 
other.     By  drainage  and  other  improvements,  it  is  becoming  healthy  ; 
its  position  is  handsome  and   commanding,  on  a  harbor  equalled,  on 
the  lakes,  by  none  but  that  of  Detroit.     It  is  the  lake  terminus  of  a 
longer  line  of  canals  than  is  to  be  found,  continuous,  elsewhere  in  the 
world.     This  advantage   may  be  considered  permanent ;  for  canals 
will  not,  hereafter,  be  built  to  any  extent.     These  canals  ("  Wabash 
and  Erie,  and  Miami  and  Erie")  connect  Toledo  with  the  Ohio  River 
at  Cincinnati  and  Evansville.     The  first,  which  will  be  completed  this 
year,  will  be  460  miles  in  length  ;  the  other,  247  between  Toledo  and 
Cincinnati.     The  common  trunk  of  both,  extending  70  miles  west 
ward  to  the  junction,  is  over  60  feet  wide,  and  6  feet  deep.     From  the 
junction  to  Fort  Wayne,  it  is  50  by  5  ;  thence  to  the  Ohio  River,  40  by 
4  feet.     It  is  hardly  necessary  to  say  that  these  canals  penetrate  the 
richest,  and  soon  to  be  the  most  populous  valleys  of  the  West—the 
Miami  and  Wabash.     The  natural  position  of  Toledo  is  as  favorable 
for  the  concentration  of  railroads  as  for  canals.     It  is  now  the  prac 
tical  terminus  of  the  Southern  Michigan  railroad,  now  nearly  finished 
to  Chicago.     Connecting  with  this  at  Toledo,  is  the  Toledo,  Norwalk, 
and  Cleveland  railroad  in  progress  of  construction,  to  be  finished  this 
year.     A  railroad  is  being  constructed  from  Dayton  northward,  in 
tended  to  reach  the  Michigan  line  through  Toledo,  in  the  direction  of 
Detroit.     Two  charters  are  in  existence  for  an  air  line  railroad,  directly 
west  towards  Chicago,  probably  to  connect  with  the  northern  Indiana 
at  Goshen.     One  of  these  charters  is  in  the  hands  of  the  directors  of 
the  Southern  Michigan  Cempany,  which  has  agreed  to  build  that  part 
in  Indiana  in  five. years.     You  will  see  by  the  map  that  this  would  be 
the  route  to  connect  Toledo  and  Chicago.    The  canal  towns  from  Toledo 
southwestward,  are  now  endeavoring  to  get  up  a  line  of  railroad  from 
Toledo  to  Terre  Haute.     Looking  at  the  map,  you  will   see  that  rail 
roads  may  be  made  from  Toledo  towards  nearly  all  the  points  of  the 


LETTERS   AND    MISCELLANIES.  275 

compass.  I  say  may  be  made,  for  you  are  doubtless  aware  that  our 
whole  West  is  so  level,  that  no  obstacle  to  the  cheap  construction  of 
"the  railroad  is  anywhere  presented.  Their  construction,  therefore,  is 
only  a  question  of  the  ability  of  the  country  through  which  they  pass 
to  build  and  give  them  profitable  employment.  With  a  soil  and  climate 
equal  to  any,  the  country  around  Toledo  for  one  hundred  or  two 
hundred  miles,  is  in  a  state  of  improvement,  as  progressive  as  any 
other  region  of  the  West.  Next  year  it  will  be  accessible  to  the  whole 
eastern  system  of  railroads. 

Plank  roads  are  becoming  quite  common  in  the  lake  portion  of  the 
West.  They  are  made  for  from  §1200  to  §.1800  per  mile.  Toledo  has 
upwards  of  100  miles  made  and  in  progress,  of  which  about  sixty  is 
completed. 

In  regard  to  the  investment  of  capital,  the  West,  generally,  in  her 
rapidly  growing  towns,  holds  out  sufficient  inducements.  I  say  in 
her  towns,  for  both  reason  and  experience  told  me,  years  ago,  that  in 
vestments  in  mere  farming  lands  was  something  like  a  purchase  of 
fresh  air  or  water,  too  little  of  a  monopoly  to  be  made  profitable. 
Accessible  farming  lands  are  too  abundant  to  be  worth  more  than  the 
cost  of  converting  them  into  farms.  It  is  not  so  with  the  best  town 
locations.  These  have  been  marked  out  by  nature,  and  are  but  few 
in  comparison  with  the  immense  fertile  country  surrounding  them. 
Such  are  Cincinnati,  Chicago,  St.  Louis,  and  Toledo.  These,  taken 
together,  will  double  their  population  every  five  or  six  years.  Wealth, 
it  is  well  known,  increases  faster  than  population — take  the  country 
through.  In  towns  or  cities,  it  is  most  rapidly  progressive. 

I  think  scarcely  a  month  passes  when  a  person  in  Toledo,  with 
money,  may  not  buy  real  estate,  that  may  be  sold  again  Avithin  one 
year  on  contract,  say  one-fourth  down,  and  balance  in  three  annual 
payments,  for  double  the  cost.  Sometimes  this  may  be  done  in  much 
less  time.  Supposing  the  currency  of  the  country  to  remain  in  its 
present  proportion  to  population,  it  seems  to  me  that  the  real  estate 
in  Toledo  will  double  about  once  in  three  years.  If  the  currency  be 
comes  more  plethoric,  the  duplication  might  be  much  sooner,  and 
f.  concerso.  All  our  lake  towns  of  promise  are  now  growing  very  fast. 
Some  of  them  will  overtake  the  largest  river  towns  within  the  lives 
of  many  now  living.  Among  the  most  prosperous  now,  are  Cleve 
land,  Sandusky,  Toledo,  Detroit,  and  Chicago.  All  afford  good  so 
ciety.  There  is  less  form  and  etiquette  than  in  eastern  towns,  but  1 
think  there  is  more  intelligence,  and  not  less  real  refinement.  In  the 
appearance  of  all,  there  is  a  want  of  finish,  as  compared  with  older 


276  LETTERS   AND   MISCELLANIES. 

towns,  on  the  Atlantic.  This  is  most  apparent  in  Toledo,  where  the 
high  bank  has  been,  and  is  being  brought  to  a  pleasant  grade.  This, 
of  coarse,  exposes  much  raw  earth,  and  gives  a  rawness  to  every  thing 
around.  The  exports  of  Toledo,  by  lake,  last  season  were  valued  at 
($12,000,000)  twelve  millions.  They  exceed  those  of  any  lake  port 
above  Buffalo.  The  imports  may  be  worth  seven  millions.  Popula 
tion  over  5000.  What  more  shall  I  say,  and  about  what  ? 

Respectfully, 

J.  W.  SCOTT. 
To  E.  T.  FREEDLEY,  Esq. 


The  following  is  an  extract  from  that  valuable  article  in  the  No 
vember  number  of  Hunt's  Merchants'  Magazine,  to  which  Mr. 
Scott  above  refers,  and  which  I  have  the  permission  of  the  cour 
teous  and  gentlemanly  proprietor  of  that  magazine  to  give. 

I  cannot  omit  this  opportunity,  as  an  act  of  justice  to  Mr.  Hunt, 
who  has  done  as  much  as  any  man  in  America  to  raise  the  reputa 
tion  of  American  books  in  England,  and  in  justice  to  all  who  may 
favor  this  book  with  a  perusal,  to  commend  Mr.  Hunt's  Magazine 
to  their  especial  attention  and  patronage,  as  one  of  the  most  cer 
tainly  profitable  investments  they  can  make.  Every  business  man 
should  as  certainly  subscribe  for  it  as  he  should  insure  his  property. 
In  the  case  of  insurance,  if  his  property  does  not  burn  down,  he 
loses  his  money,  but  in  the  case  of  subscription  to  that  magazine  he 
will  not  lose  his  money  in  any  event,  and  may  reap  an  advantage  as 
great  as  the  restoration  of  property  destroyed  In  the  first  place, 
he  will  increase  his  stock  of  useful  and  practical  ideas,  which  in 
itself  is  worth  more  than  the  cost '}  secondly,  he  will  possess  the 
most  comprehensive  work  of  the  age  for  present  and  future  refer 
ence  ;  and  thirdly,  he  will  take  the  best  possible  means  to  put  him 
self  in  the  way  of  meeting  with  suggestions  and  ideas  that  may 
happen  to  just  suit  his  circumstances,  and  which  he  may  turn  to 
his  advantage  to  the  tune  of  hundreds  or  thousands  of  dollars. 
Let  every  one  be  watchful,  for  he  knows  not  the  day  nor  the  hour 
when  the  good  idea  may  come. 

"The  following  table  gives  the  average  period  of  duplication,  for 
ike  last  thirty  years,  in  the  order  of  most  rapid  growth  : — 


LETTERS    AND    MISCELLANIES. 


277 


AVERAGE    TIME    OF    DUPLICATION. 
Years. 

Lowell     ...    4  Zanesville 

Buffalo     .     .     .     6}  Springfield,  Mass.  13 

St.  Louis      .     .     7  New  Orleans 

Rochester     .     .     7  Boston  .     . 

Cincinnati    .     .     7}  Albany 

Louisville     .     .     8  Philadelphia 

Detroit     ...     8  Hartford,  Ct. 

Columbus,  Ohio     8}  Nashville  . 

Pittsburg      .     .     8}  Reading     . 

Bangor    ...     9  Chillicothe 

Erie     ....     9  Providence 

Wheeling     .     .     9J  Augusta,  Me. 

Mobile     ...  10  Schenectady  . 

Newark  ...  12  New  Haven    . 

Worcester    .     .  12  New  London 

New  York    .     .  13  Washington   . 

Troy    ....  13  Harrisburg     , 

Utica  ....  13  Bath,  Me.       . 


Years. 

Years. 

.    13 

Richmond    .     .     . 

24 

38.13 

Baltimore     .     .     . 

25 

.    15 

Savannah     .     .     . 

25 

.  15 

Portland       .     .     . 

25 

.  15J 

Wilmington,  Del. 

25 

.  16 

Lancaster,  Pa. 

25 

.  16 

Newburg      .     .     . 

26 

.  17 

Taunton       .     .     . 

26 

.  17 

Hudson,  N.  Y.       . 

27 

.  17 

York,  Pa.     ... 

30 

.  18 

Charleston,  S.  C.   . 

40 

.  18 

Carlisle    .... 

40 

.  19 

Norfolk    .... 

42 

.  19 

Salem,  Mass.     .     . 

60 

.  25 

Newport       .     .     . 

70 

.  20 

Newburyport    .     . 

80 

.  20 

Portsmouth       .     . 

85 

.  20 

The  order  of  growth,  and  the  average  period  of  duplication,  for  the 
twenty  years,  from  1830  to  1850,  are  shown,  with  an  approach  to 
accuracy,  in  the  following  table  : — 


AVERAGE    TIME    OF    DUPLICATION. 


Ircars. 

Fears. 

Years. 

Cleveland      .     . 

5 

Erie      .     .     .     . 

9 

Nashville      . 

.     .  14 

Columbus      .     . 

5 

Louisville  .     .     . 

9j 

14* 

St.  Louis       .     . 

5} 

Pittsburg  .     .     . 

10 

New  York     . 

.     .  15 

Sandusky  City  . 

6 

New  Albany 

10 

Troy    .     .     . 

15* 

Detroit     .     .     . 

6 

Madison    .     .     . 

10 

Chillicothe    . 

.     .  16 

Indianapolis 

'7} 

Rochester      .     . 

10} 

Wheeling 

.     .  16 

Mobile      .     .     . 

7} 

Worcester     .     . 

11 

Philadelphia 

.     .  17 

Lowell      .     .     . 

8 

Newark,  N.  J.    . 

12 

Providence  . 

.     .  17} 

Cincinnati     .     . 

8} 

Zanesville      .     . 

12 

Hartford  .     . 

.     .  17} 

Marietta  .     .     . 

8} 

Syracuse  .     . 

13 

Washington 

.     .  18 

Dayton     .     .     . 

8} 

Lockport  .     . 

14 

New  Orleans 

.     .  18 

Bangor     .     .     . 

8} 

Springfield,  Mass, 

.14 

New  Haven  . 

.     .  18* 

Buffalo     .     .     . 

8} 

Fall  River     .     . 

14 

New  London 

.    -  18} 

24 

278 


LETTERS    AND    MISCELLANIES. 


Years. 

Portland  .     .     .18$     Richmond     . 
Baltimore      .     .  19       Reading,  Pa. 
New  Bedford     .  19       Lancaster 
Bath,  Me.      .     .  19       Savannah 
Utica    ....  19       Harrisburg    . 
Boston      ...  £0       Natchez    .     . 
Albany     .     ..    .  20       Taunton   .     . 
Wilmington,  Del.  20       Poughkeepsie 
Schenectady  .     .  20       York,  Pa.      . 

Years.                                              Years. 

.  21       Salem,  Mass.  .     .     37 
.21$     Newburyport  .     ,     40 
.  24       Carlisle  ....     40 
.  24       Charleston,  S.  C.       50 
.  24       Norfolk       ...     50 
.  25       Portsmouth,  N.  II.   90 
.  26       Hudson,  N.  Y.      .  100 
.  28      Newburg,  N.  Y.  .    100 
.  29       Newport,  R.I.      .  100 

The  following  table  exhibits  the  average  period  of  duplication  on 

the  increase  of  the  ten  years,  from  1840  to  1850  :  — 

AVERAGE    TIME    OF 

DUPLICATION. 

Years. 

Years. 

Years. 

Milwaukie     .     . 

3       Springfield    . 

.  10       Troy    .... 

.  14$ 

Chicago     .     .     . 

3$     Fall  River     . 

.  10       Wilmington,  Del. 

15 

St.  Louis  .     .     . 

4       Hartford  .     . 

.  11$     Lancaster,  Pa. 

.  15$ 

Manchester,  N.II 

.  4       Reading    .     . 

.  11$     Patterson      .     . 

.  16 

Sandusky  City  . 

5$     New  York     . 

.  12       Bath,  Me.     .     . 

.  16 

Columbus,  Ohio 

6       Boston      .     . 

.  12       Albany    .     .     . 

.  16$ 

Cleveland 

6       Washington  . 

.  12       York,  Pa.     .     . 

.  20 

Toledo 

6       Rochester 

12       Utica  .... 

OJ. 

Cincinnati 

6       Chillicothe    . 

.  12      New  Bedford    . 

.  26 

Marietta    .     .     . 

7       Philadelphia 

.  12$     Lockport      .     . 

.  27 

Indianapolis 

7$     Savannah 

.  12$     Schenectady     . 

.  28 

Pittsburg       .     . 

8       Portland  .     . 

.  12$     Nowburyport    . 

.  28 

Newark,  N.  J.    . 

8       Providence    . 

.  12$     Norfolk    .     .     . 

.  30 

Oswego     .     . 

8       Lynn    .     .     . 

.  12$     Petersburg,  Va. 

.  32 

Dayton      .     .     . 

8       New  Haven  . 

.  13       New  Orleans     . 

.  34 

New  Albany 

8       Columbia,  S. 

C.     13       Charleston,  S.  C. 

.  35 

Buffalo      .     .     . 

8$     Baltimore 

.  13$     Portsmouth 

.  40 

Nashville  .     .     . 

8$    Wheeling      . 

.  13$     Salem       .     .     . 

.  42 

Detroit      .     .     . 

9       Lowell      .     . 

*   .  14       Newport,  R.  I. 

.  65 

Zanesville      .     . 

9      Mobile      .     . 

,     .  14       Natchez  .     .     . 

.  85 

Louisville      .     . 

9$     New  London 

.  14      Poughkeepsie   . 

.  90 

Worcester     .     . 

9$     Bangor 

.  14      Hudson    .     .     . 

100 

Madison  .     .     . 

9$     Richmond 

.  14$     Carlisle    .     .     . 

180 

Syracuse  .     .     . 

10 

LETTERS  AND  MISCELLANIES.  279 

Having  laid  before  our  readers  the  facts  in  relation  to  the  growth 
of  the  principal  centres  of  population  of  the  United  States,  they  may 
now  proceed  with  us  to  deduce  a  law  of  growth  from  their  average 
times  of  duplication,  for  a  period  of  sixty  years,  as  to  those  existing 
previous  to  1790,  bringing  in  the  new  places  as  they  come  forth  from 
the  wilderness,  and  take  a  place  on  the  census  list,  in  successive  de 
cennial  enumerations.  The  figures  represent,  with  an  approach  to 
accuracy,  the  number  of  years  each  place  has  required,  on  the  ave 
rage,  to  double  the  number  of  its  people. 


AVERAGE  FOR 

60             50  40  30  20  10 

Years.       Years.  Years.  Years.  Years.  Years. 

New  York    ....        15        14}  15  13  15  12 

Philadelphia     ...        18        20  18}  16  17  12} 

Baltimore     ....        17        21  21  25  19  13} 

Boston 21        23  18}  15  20  12 

Albany 16         15  16  15}  20  16} 

Salem,  Mass.     ...        50        50  85  60  37  42 

Worcester     ....        21        18  17  12  11  9} 

Charleston,  S.  C.    .     .        45        45  50  40  50  35 

Providence 23  19}  18  17}  12} 

Washington      13  16}  20  18  12 

Richmond,  Va 24  29  24  21  14} 

Lancaster,  Pa 40  35  25  24  15} 

Alexandria,  Va 50  200  450  440  400 

Cincinnati 6}  •  7  7}  8}  6 

Pittsburg .9  9}  8  10  8 

St.  Louis       9}  9  7  5}  4 

New  Orleans 14}  15  18  24 

Louisville 8  8  9£  9} 

Buffalo 8}  6}  8£  8} 

Detroit 8}  8  6  9 

Bangor 10  9  8}  14 

Wheeling 10}  9}  16  13} 

Utica 12  13  19  24 

Wilmington,  Del 17}  25  20  15 

Newark 17}  12  12  8 

Reading 19  17  21}  11} 

Hartford,  Ct 19}  16  17}  11} 

Providence 19}  18  17}  12j 


280 


LETTERS   AND    MISCELLANIES. 


Savannah      .... 
Portland,  Me.   ... 
New  Haven       .     .     . 
Harrisburg   .... 
Schenectady      .     .     . 
York,  Pa  
Lancaster,  Pa.       .     . 
Carlisle               ... 

60           50               40 
Years.      Years.        Years. 

21 
21 
21 
22 
30 
32 
35 
45 
50 
106 
150 
160 

30 
Years. 
25 
25 
19 

20 
19 
30 
25 
40 
42 
85 
70 
80 
4 
7 
8* 
9 
9 
10 
13 
13 
17 
17 
18 
19 
27 
25 
20 
26 
26 

20                10 
Years.        Years. 

24          12* 
8*        12* 
18*        13 
22          27 
20          28 
29          20 
24          15} 
40        180 
50          30 
90          40 
100          65 
40          28 
8          14 
10          12 
5            0 
8*        14 
9          12 
7*        14 
12          9 
14        10 
14          8* 
16        12 
18        15 
20        28 
100      100 
18*      14 
19        16 

100  decrease. 

26        16 
13        10 
28        90 
14        27 
14*      12* 
19        26 
14        10 
10          8 
25        85 
10          9* 
7*        7* 
5          6 

Norfolk,  Va.      .     .     . 
Portsmouth        .     .     . 
Newport,  11.  I.       .     . 
Newburyport     .     .     . 
Lowell               ... 

Rochester     .... 
Columbus,  Ohio     .     . 

Erie,  Pa  

Zanesville     .... 
Springfield,  Mass. 
Nashville      .... 
Chillicothe    .... 
Augusta,  Me.    .     .     . 
Schenectady      .     .     . 

New  London     .     .     . 
Bath  Me  

Newburg,  N.  Y.    .     . 
Taunton,  Mass.      .     . 

Poughkeepsie    .     .     . 
Lockporfc       .... 

New  Bedford     .     .     . 
Fall  River    .... 
New  Albany,  la.   .     . 
Natchez   
Madison  
Indianapolis      .     .     . 
Cleveland     .... 

LETTERS   AND   MISCELLANIES.  281 


60 

50                40 

SO            20 

10 

Years. 

Years.        Years. 

Years.     Years. 

Years. 

Columbus     .... 

... 

... 

5 

6 

Marietta      .... 

... 

...               ... 

8* 

7 

Sandusky  City      .     . 

... 

... 

5 

5£ 

...             0 

8 

4 

Manchester,  N.  H.    . 

... 

...               ... 

...        ... 

4 

Milwaukie  .... 

... 

...               ... 

...        ... 

3 

Toledo     , 

6 

NOTE.  Lawrence,  Mass.  ;  Racine,  Wis.;  Kenoslia,  TVis.  ;  and  several 
other  places  of  importance,  came  into  existence  within  ten  years. 

It  will  be  observed  that  the  growth  of  our  towns,  during  the  last 
ten  years,  has,  in  general,  been  decidedly  greater  than  that  of  any 
ten  preceding  years.  This  goes  to  prove  the  great  influence  of  rail 
roads,  canals,  and  other  facilities  to  commercial  movement. 

In  respect  to  all  those  places  which  are  favorably  located  for  the 
concentration  of  internal  commerce,  the  law  of  growth  may  be  fairly 
deduced  from  the  foregoing  tables.  Their  progress,  it  will  be  seen, 
has,  in  the  main,  been  in  proportion  to  the  command  of  this  internal 
commerce.  Salem,  Newport,  and  some  others,  which  have  exhibited 
the  slowest  growth,  have  but  a  slight  hold  on  the  surrounding  soil. 
On  the  other  hand,  Cincinnati,  St.  Louis,  New  York,  and  Boston  are 
in  the  midst  of  a  rich  country,  and  have  extensive  and  easy  channels 
of  intercourse  with  the  interior. 

The  cities  of  the  Atlantic  border,  below  the  Chesapeake,  and  of  the 
Gulf  of  Mexico  to  New  Orleans,  have  the  disadvantage  of  being  far 
removed  from  the  country  which  yields  their  chief  commercial  ali 
ment.  The  pine  barrens  extend  from  the  coast  some  fifty  to  one 
hundred  and  fifty  miles.  This  has  to  be  past,  in  connecting  Charles 
ton,  Savannah,  &c:,  with  the  country,  on  whose  internal  resources 
they  depend. 

The  institution  of  slavery  has  also,  an  unfavorable  influence  in  the 
growth  of  towns  situated  in  States  where  slaves  are  most  numerous. 
Whether  this  is  inherent,  or  owing  to  the  profits  of  planting  being 
greater  than  manufacturing,  it  is  not  for  us  to  decide. 

It  has  been  said,  that  speculation  on  the  future  probable  growth 
of  our  towns  Has  no  practical  value.  Can  this  be  so  ?  Is  it  of  no 
practical  value  to  the  man  of  business,  seeking  a  place  for  ths  exer 
cise  of  his  talents,  to  have  the  means  provided  of  judging  of  the  rela- 

24* 


282  LETTERS   AND    MISCELLANIES. 

tive  advantages  for  commerce,  and  its  future  expansion,  of  the  places 
between  which  he  has  to  choose  his  future  home  ?  Is  it  of  no  moment 
to  the  mechanic  seeking  a  permanent  location  of  his  factory  or  shop  ? 
Tens  of  thousands  are  every  day  invested  in  real  estate,  whose  only 
value  depends  on  the  growth  of  the  places  in  which  and  near  which 
it  is  situated.  Many  of  these  investments  are  made  with  a  view  to 
their  value  many  years  in  the  future.  Ought  they  to  be  made  with 
or  without  knowledge  of  all  the  circumstances  that  may  be  reason 
ably  expected  to  bear  on  their  future  value  ?  In  this  country,  growth 
in  numbers  generally  represents  increase  of  capital  and  business. — 
It  may,  therefore,  answer  us  a  tolerable  basis  for  a  calculation  of  the 
relative  value  of  real  estate. 

In  I860,  New  York,  with  its  suburbs,  may  be  expected  to  contain 
half  a  million  more  than  her  present  numbers.  Where  will  these  be 
located,  and  what  will  be  the  value  of  the  lots  to  be  covered  with 
buildings  for  their  accommodation  ?  These  inquiries  will  be  resolved 
in  the  mind  of  any  man  about  to  invest  in  real  estate  there,  and  ex 
pecting  to  turn  the  investment  into  money  in  nine  or  ten  years.  But, 
perhaps,  he  will  first  desire  to  ascertain  whether  New  York,  or  somo 
other  commercial  point,  offers  the  best  prospect  of  a  good  profit  on 
his  investment.  Our  last  table  gives  a  scale  of  growth.  In  the  cases 
embracing  forty,  fifty,  and  sixty  years,  the  past  may  be  considered  a 
safe  guide  for  the  future.  A  nearly  uniform  high  rate  of  increase, 
through  so  many  decades,  may  be  relied  on  with  much  confidence,  in 
calculations  for  the  future. 

In  relation  to  places  of  recent  origin,  although  their  law  of  growth 
may  not  be  deduced  from  an  experience  of  the  past  of  sufficient  dura 
tion  to  warrant  a  decision  from  that  alone,  yet  there  may  be  causes 
in  operation,  sufficiently  obvious,  to  force  a  conviction  of  a  future 
increase,  corresponding  to  the  past.  Such  seems  to  be  the  case  of 
Chicago  and  other  western  cities.  In  less  than  twenty  years,  that 
place  has  grown  from  a  mere  station  to  contain  thirty  thousand. 
Troy,  N.  Y.,  contains  about  the  same  number.  Who  would  say  that 
the  prospective  value  of  real  estate  surrounding  each  should  be  esti 
mated  equal  ? 

New  Orleans  and  Cincinnati  are  now  nearly  equal  in  population. 
In  ten  years  the  former  will  scarce  gain  forty  thousand,  while  the 
latter  will  increase  not  less  than  one  hundred  and  fifty  thousand. 
Who  would  give  the  same  for  vacant  lots  on  the  borders  of  the  former 
as  on  those  of  the  latter — other  things  being  equal  ? 

On  account  of  the  permanency  of  the  record  afforded  by  the  Mcr- 


LETTERS   AND    MISCELLANIES.  283 

chant's  Magazine,  the  opinion  is  here  repeated  that,  within  one  cen 
tury,  the  largest  cities  of  America  will  be  in  the  interior,  and  that 
Cincinnati,  Chicago,  St.  Louis,  and  Toledo  will  be  the  four  largest. 

J.  W.  S. 


CENSUS   OF   CITIES   OF   THE   UNITED    STATES   IN    1850. 

List  of  Cities  and   Towns  in  the  United   States  whose  population, 
ly  the  Census  of  1850,  is  10,000  and  upwards. 


1 

New  York, 

N.  Y. 

.  515,507 

2 

Philadelphia, 

Penn. 

.  408,815 

3 

Baltimore, 

Md. 

.  189,048 

4 

Boston, 

Mass. 

.  136,871 

5 

New  Orleans, 

La. 

.  116,348 

6 

Cincinnati, 

Ohio, 

.  115,436 

7 

Brooklyn, 

N.  Y. 

.    97,838 

8 

St.  Louis, 

Mo. 

.     64,252 

9 

Albany, 

N.  Y. 

.     50,763 

10 

J  / 

Pittsburg, 

Penn. 

.     50,519 

11 

Louisville, 

Ky.             .         . 

.     43,196 

12 

Charleston, 

S.  C.          . 

.     42,985 

13 

Buffalo, 

N.  Y. 

.     42,261 

14 

Providence, 

R.  I.          . 

.    41,512 

15 

Washington, 

D.  C.         . 

~.     40,001 

16 

Newark, 

N.  J. 

.     38,894 

17 

Rochester, 

N.  Y. 

.     36,403 

18 

Lowell, 

Mass. 

.     33,383 

19 

Williamsburg, 

N.  Y. 

.     30,780 

20 

Chicago, 

111. 

.    29,963 

21 

Troy, 

N.  Y. 

.     28,785 

22 

Richmond, 

Ya. 

.     27,482 

23 

San  Francisco, 

Cal. 

.     25,000 

24 

Syracuse, 

N.  Y. 

.     22,271 

25 

Alleghany, 

Penn. 

.     21,262 

26 

Detroit, 

Mich. 

.     21,019 

27 

Portland, 

Maine, 

.     20,815 

28 

Mobile, 

Ala. 

.     20,513 

284 


LETTERS   AND    MISCELLANIES. 


29 

New  Haven, 

Conn. 

.     20,345 

30 

Salem, 

Mass. 

.     20,264 

31 

Milwaukie, 

Wis. 

.     20,061 

32 

Roxbury, 

Mass. 

.     18,384 

33 

Columbus, 

Ohio, 

.     18,183 

34 

Worcester, 

Mass. 

.     17,367 

35 

Utica, 

N.  Y. 

.     17,565 

36 

Charleston, 

Mass. 

.     17,216 

37 

Cleveland, 

Ohio, 

.     17,034 

38 

New  Bedford, 

Mass. 

.     16,443 

39 

Reading, 

Penn. 

.     15,748 

40 

Cambridge, 

Mass. 

.     15,215 

41 

Savannah, 

Ga.  estimated 

.     15,000 

42 

Bangor, 

Maine, 

.     14,432 

43 

Norfolk, 

Va. 

.     14,326 

44 

Lynn, 

Mass. 

.     14,257 

45 

Lafayette, 

Indiana, 

.     14,211 

46 

Petersburg, 

Va. 

.     14,010 

47 

Wilmington, 

Del. 

.     13,979 

48 

Poughkeepsie, 

N.  Y. 

.     13,944 

49 

Manchester, 

N.  H. 

.     13,932 

50 

Hartford, 

Conn. 

.     13,555 

51 

Lancaster, 

Penn. 

.     12,369 

52 

Lockport, 

N.  Y. 

.     12,323 

53 

Oswego, 

N.  Y. 

.     12,205 

54 

Springfield, 

Mass. 

.     11,766 

55 

Newburg, 

N.  Y. 

.     11,415 

56 

Wheeling, 

Va. 

.     11,391 

57 

Patterson, 

N.  J. 

.     11,341 

58 

Dayton, 

Ohio, 

.    10,977 

59 

Taunton, 

Mass. 

.     10,441 

60 

Norwich, 

Conn. 

.     10,265 

61 

Kingston, 

N.  Y. 

.     10,233 

62 

New  Brunswick, 

N.  J. 

.     10,019 

63 

Nashville, 

Tenn-  estimated 

.     10,000 

64 

Lexington, 

Ky.             do. 

.     10,000 

LETTERS  AND  MISCELLANIES.  285 


GETTING  AND    LOSING    MONEY    BY    STOCK- JOBBING— 
ROTHSCHILD. 

THE  amount  of  business  sometimes  transacted  in  one  day  at  the 
Stock  Exchange  is  very  great.  On  some  occasions,  property,  includ 
ing  time  bargains,  to  the  amount  of  £10,000,000  has  there  changed 
hands  in  the  short  space  of  a  few  hours.  The  late  Mr.  Rothschild  is 
known  to  have  made  purchases  in  one  day  to  the  extent  of  £4,  000,000. 
The  influence  which  that  great  capitalist  exercised  over  the  funds  may 
be  said  to  have  been  omnipotent.  He  could  cause  a  rise  or  a  fall,  to 
a  certain  extent,  whenever  he  pleased.  He  was  a  singularly  skilful 
tactician.  To  those  who  know  any  thing  of  the  Stock  Exchange  it 
cannot  be  necessary  to  state  that  he  never  went  into  it  himself.  That, 
indeed,  would  have  defeated  his  objects.  Had  he  transacted  his  bu 
siness  in  the  funds  in  his  own  person,  every  body  must  have  seen  what 
he  was  doing,  and  consequently  others,  knowing  his  general  good  for 
tune,  would  have  sold  out  when  he  sold  out,  and  purchased  when  he 
purchased.  One  great  cause  of  his  success  was  the  secrecy  in  which 
he  contrived  to  shroud  all  his  transactions.  He  had  certain  men 
whom  he  employed  as  brokers  on  ordinary  occasions  ;  but  whenever 
it  suited  his  purpose,  or  when  he  supposed  that  by  employing  them  it 
would  be  ascertained  that  he  wished  to  effect  a  rise  or  a  fall,  he  took 
care  to  commission  a  new  set  of  brokers  to  act  for  him.  His  mode  of 
doing  business,  when  engaging  in  large  transactions,  was  this  :  Sup 
posing  he  possessed  exclusively,  which  he  often  did  a  day  or  two  be 
fore  it  could  be  generally  known,  intelligence  of  some  event  which 
had  occurred  in  any  part  of  the  continent  sufficiently  important  to 
cause  a  rise  in  the  French  funds,  and  through  them  on  the  English 
funds,  he  would  empower  the  brokers  he  usually  employed  to  sell  out 
stock,  say  to  the  amount  of  £500,000.  The  news  spread  in  a  moment 
in  Capel  Court  that  Rothschild  was  selling  out,  and  a  general  alarm 
followed.  Every  one  apprehended  he  had  received  intelligence  from 
some  foreign  part  of  some  important  event  which  would  produce  a 
fall  in  prices.  As  might,  under  such  circumstances,  be  expected,  all 
became  sellers  at  once.  This  of  necessity  caused  the  funds,  to  use 
Stock  Exchange  phraseology,  "  to  tumble  down  at  a  fearful  rate." 
Next  day,  when  they  had  fallen,  perhaps,  one  or  two  per  cent.,  he 
would  make  purchases,  say  to  the  amount  of  £1,500,000 ;  taking  care, 
however,  to  employ  a  number  of  brokers  whom  he  was  not  in  the 
habit  of  employing,  and  commissioning  each  to  purchase  to  a  certain 


286  LETTERS   AND    MISCELLANIES. 

extent,  and  giving  all  of  them  strict  orders  to  preserve  secrecy  in  the 
matter.  Each  of  the  persons  so  employed  was,  by  this  means,  igno 
rant  of  the  commission  given  to  others.  Had  it  been  known  the  pur 
chases  were  made  for  him,  there*  would  have  been  as  great  and  sud 
den  a  rise  in  the  prices  as  there  had  been  in  the  fall,  so  that  he  could 
not  purchase  to  the  intended  extent  on  such  advantageous  terms.  On 
the  third  day,  perhaps,  the  intelligence  which  had  been  expected  by 
the  jobbers  to  be  unfavorable,  arrives,  and  instead  of  being  so,  turns 
out  to  be  highly  favorable.  Prices  instantaneously  rise  again  ;  and 
possibly  they  may  get  one  and  a-half,  or  even  two  per  cent,  higher 
than  they  were  when  he  sold  out  his  £500,000.  He  now  sells  out  at 
the  advanced  price  the  entire  £1,500,000  he  had  purchased  at  the  re 
duced  prices.  The  gains  by  such  extensive  transactions,  when  so 
skilfully  managed,  will  be  at  once  seen  to  be  enormous.  By  the  sup 
posed  transactions,  assuming  the  rise  to  be  two  per  cent.,  the  gain 
would  be  £35,000.  But  this  is  not  the  greatest  gain  which  the  late 
leviathan  of  modern  capitalists  has  made  by  such  transactions.  He 
has  on  more  than  one  occasion  made  upwards  of  £100,000  011  one 
account. 

Repeated  efforts,  but  always  without  effect,  and  generally  to  the 
ruin  of  the  party  making  them,  have  been  made  to  overthrow  the 
power  of  Rothschild  in  the  money-market.  It  was  clear  that  the  only 
way  in  which  this  could  be  done,  if  it  was  to  be  done  at  all,  would  be 
by  the  party  attempting  it  engaging  in  transactions  of  corresponding 
magnitude.  By  far  the  boldest  of  these  attempts  was  made  some 

years  ago  by  a  young  gentleman,  a  Mr.  James  II .     He  made  a 

number  of  most  extensive  purchases,  and  sold  out  again  to  a  very 
large  amount,  all  in  a  very  short  period  of  time  ;  and  so  far  from  im 
itating  the  conduct  of  the  rival  whose  empire  on  the  Stoek  Exchange 
he  sought  to  subvert,  in  the  secrecy  of  his  transactions,  he  deemed  it 
essential  to  the  success  of  his  schemes  that  his  operations  should  bfc 

performed  as  openly  as  possible.    Mr.  H was  the  son  of  a  wealthy 

country  banker,  and  held,  at  the  time  of  his  introduction,  money 
stock  in  his  own  name,  though  it  actually  was  his  father's,  to  the  ex 
tent  of  £50,000.  The  reputation  of  being  so  rich  invested  him  at 
once  with  great  importance  in  the  house.  The  £50,000,  after  Mr. 

II had  been  some  time  a  member,  was  privately  re-trans. ferred  to 

his  father,  the  real  owner  of  it.  For  some  time,  and  until  he  became 
perfectly  master  of  the  rules  and  usages  of  the  house,  he  acted  with 
great  prudence  and  caution  confining  his  transactions  to  small 
amounts  ;  but  he  eventually  began  to  astonish  "  the  natives" — for  so 


LETTERS   AND    MISCELLANIES.  287 

the  members  are  often  called — by  the  boldness  of  his  manoeuvres. 
In  a  very  short  time  he  became  the  dread  of  all  parties :  the  Bulls* 
and  Bears  were  anxious  to  follow  him  ;  but  like  Rothschild,  he  evinced 
a  disposition  to  act  independently  of  every  person  and  every  party. 
About  this  time  consols  were  as  high  as  9G  or  97.  In  a  few  months 
afterwards  symptoms  of  a  coming  panic  began  to  manifest  themselves  : 
and  a  well-known  writer  on  money  matters,  having  at  the  time,  for 
reasons  best  known  to  himself,  began  to  deal  out  his  fulminations 
against  the  Bank  of  England  in  an  influential  newspaper,  the  un 
healthy  state  of  the  market  was  greatly  aggravated,  though  high 

prices  were  still  maintained.  Mr.  H watched  the  state  of  things 

with  great  attention  ;  and  being  satisfied  in  his  own  mind  that  a  leader 
was  only  wanting  to  commence  and  carry  on  a  successful  war  against 
Rothschild,  he  determined  himself  to  become  that  leader  ;  and  it  must 
be  admitted  that  he  acquitted  him&elf  as  an  able  general.  Going  into 
the  house  one  afternoon,  he  accosted  one  of  the  most  respectable  job 
bers  thus  : — 

"What  are  consols?" 

"Ninety-six  and  eight,"  was  the  answer. 

"  In  £100,000  ?"  continued  he. 

"  Yes/'  said  the  Jobb?r.     "  You  have  them.     £100,000  more  ?" 

"  I'll  take  £100,000  more." 

"  They  are  yours." 

"Another  £100,000?" 

"  No  :  I  don't  want  any  more." 

On  this  transaction  being  finished,  the  adventurous  young  gentle 
man  immediately  turned  round  and  announced  aloud  that  "  £200,000 
had  been  done  at  96,  and  more  offered."  Then  walking  backward 
and  forwards  "  like  a  tiger  ia  a  den,"  he  followed  up  the  bold  tactics 
he  had  commenced  by  offering  any  part  of  a  £1,000,000  at  94.  For 
a  great  part  of  this  amount  he  at  once  found  purchasers.  But  he  was 
not  yet  content  with  the  extent  of  his  transactions,  great  as  they  were  ; 
nor  would  lie  wait  for  buyers  at  94.  He  offered  them,  viz.,  consols,  at 
93,  at  92,  and  eventually  as  low  as  90,  at  which  price  they  left  off  that 
day.  Next  day  he  renewed  his  exertions  to  depress  the  market,  and 

*  Those  who  have  purchased  more  stock  than  they  can  pay  for,  with  the 
hope  of  selling  it  at  a  profit  before  pay  day,  are  the  Bulls,  and  those  who 
have  contracted  to  deliver  more  stock  than  they  have,  in  the  hope  of  pur 
chasing  it  at,  less  price  before  delivery  day,  are  the  Bears.  It  is  the  in 
terest  of  the  former  to  raise  the  price  ;  of  the  latter  to  depress  it. 


288  LETTERS  AND  MISCELLANIES. 

he  succeeded  to  the  utmost  of  his  wishes ;  for  consols  did  not  stop  in 
their  descent  till  they  reached  74.  As  was  to  be  expected,  contempo 
raneous  with  this  sudden  and  extraordinary  fall  in  the  price  of  con 
sols,  there  was  a  run  on  the  Bank  of  England  which  almost  exhausted 
it  of  its  specie.  He  then  purchased  to  so  large  an  extent  that,  when 
a  reaction  took  place,  he  found  that  his  gains  exceeded  £100,000. 

It  can  scarcely  be  necessary  to  say  that  all  eyes  were  fixed  with 
amazement  on  the  boldness  of  the  young  gentleman's  operations. 
Many  fancied  they  saw  in  those  operations  the  dynasty  of  Rothschild 
tottering  to  its  fall.  With  what  feelings  the  "Jew"  himself  regarded 
the  adventurous  conduct  of  his  new  and  unexpected  rival,  no  one  had 
an  opportunity  of  knowing  ;  for  in  nothing  was  Rothschild  more  re 
markable  than  in  the  reserve  he  maintained  on  all  matters  relating 

to  the  money-market.  The  rivalry  of  Mr.  II was  however,  of 

short  duration  :  he  very  soon  fell  a  victim  to  an  enterprise  which,  both 
in  conception  and  execution,  evinced  much  more  of  the  quality  of 
boldness  than  of  judgment.  In  about  two  years  after  the  above  ex 
tensive  "  operation,"  he  attempted  another  on  a  scale  of  correspond 
ing  magnitude  ;  but  in  this  case  Rothschild,  anticipating  the  tactics 
he  would  adopt,  laid  a  trap  for  him  into  which  he  fell,  and  became  a 
ruined  man.  He  was  declared  a  defaulter,  and  his  name  stuck  up  on 
the  blackboard.  It  was  only  now  that  the  discovery  was  made  that 
the  £50,000  money-stock,  supposed  to  be  his  own,  was  in  reality  his 
father's,  and  that  it  had  been  retransfcrred  in  his  name.  A  deputa 
tion  from  the  committee  waited  upon  Mr.  II immediately  after 

his  failure,  at  his  own  house  in  the  neighborhood  of  Regent's  Park, 
when  one  of  the  most  rapacious  of  the  number  suggested  a  sale  of 
his  furniture,  and  a  mortgage  of  annuity  settled  on  his  wife.  He  re 
ceived  the  suggestion  with  the  utmost  indignation,  and  ringing  the 
bell  for  his  servant,  desired  him  to  show  the  deputation  down  stairs, 
adding  that  he  would  be — I  shall  not  say  what — before  he  would  pay 
a  sixpence  after  the  treatment  he  had  met  with  from  them.  "  As  for 
you,  you  vagabond,  '  My  son  Jack,'*  who  have  had  the  audacity  to 
make  such  a  proposal  to  me — as  for  you,  sir,  if  you  don't  make  haste 
out  of  the  room,  I'll  pitch  you  out  of  the  window/'  It  is  scarcely 
necessary  to  say  that  "My  son  Jack"  was  the  first  who  reached  the 
bottom  of  the  stairs. 

But  though  no  person,  during  the  last  twelve  or  fifteen  years  of 

*  The  designation  by  -which  one  of  the  members  always  went,  Ms  father 
laving  been  accustomed  to  speak  of  him  as  his  "  son  Jack." 


LETTERS    AND    MISCELLANIES.  289 

Rothschild's  life,  was  ever  able  for  any  length  of  time  to  compete 
with  him  in  the  money-market,  he  on  several  occasions  was,  in  single 
transactions,  outwitted  by  the  superior  tactics  of  others.  I  will  give 
one  instance.  In  that  instance  Rothschild  had  to  contend  not  only 
with  a  man  of  more  than  ordinary  ability,  but  one  in  the  soundness 
of  whose  judgment  all  who  were  acquainted  intimately  with  him 
reposed  the  most  implicit  reliance.  Hence  they,  and  especially  his 
moneyed  connections,  were  ready  to  follow  him  in  any  operation. 
The  gentleman  to  whom  I  allude  was  then  and  is  now  the  head  of  one 
of  the  largest  private  banking  establishments  in  town.  Abraham 
Montefiore,  Rothschild's  brother-in-law,  was  the  principal  broker  to 
the  great  capitalist,  and  in  that  capacity  was  commissioned  by  the 

latter  to  negotiate  with  Mr. a  loan  for  jgl, 500,000.     The  security 

offered  by  Rothschild  was  a  proportionate  amount  of  stock  in  consols, 
which  were  at  that  time  84.  This  stock  was  of  course  to  be  trans 
ferred  to  the  name  of  the  party  advancing  the  money — Rothschild's 
object  being  to  raise  the  price  of  consols  by  carrying  so  large  a  quan 
tity  out  of  the  market.  The  money  was  lent,  and  the  conditions  of 
the  loan  were  these — that  the  interest  on  the  sum  advanced  should  be 
at  the  rate  of  4£  per  cent.,  and  that  if  the  price  of  consols  should 

chance  to  go  down  to  74,  Mr.  should  have  the  right  of  claiming 

the  stock  at  70.  The  Jew,  no  doubt,  laughed  at  what  he  conceived 
his  own  commercial  dexterity  in  the  transaction  ;  but  ere  long  he  had 
abundant  reason  to  laugh  on  the  wrong  side  of  his  mouth  ;  for  no 
sooner  was  the  stock  pawned  in  the  hand  of  the  banker,  than  the  lat 
ter  sold  it,  along  with  an  immensely  large  sum  which  had  been  pre 
viously  standing  in  his  name,  amounting  altogether  to  a  little  short 

of  £3,000,000.     But  even  this  was  not  all :  Mr. also  held  powers 

of  attorney  from  several  of  the  leading  Scotch  and  English  banks,  as 
well  as  from  various  private  individuals  who  had  large  property  in 
the  funds,  to  sell  stock  on  their  account.  On  these  powers  of  attorney 
he  acted,  and  at  the  same  time  advised  his  friends  to  follow  his  ex 
ample.  They  at  once  did  so;  and  the  consequence  was  that  the 
aggregate  amount  of  stock  sold  by  himself  and  his  friends  conjointly 
exceeded  £10,000,000.  So  unusual  an  extent  of  sales,  all  effected 
in  the  shortest  possible  time,  necessarily  drove  down  the  prices.  In  an 

incredibly  short  time  they  fell  to  74 — immediately  on  which  Mr. 

claimed  of  Rothschild  his  stock  at  70.  The  Jew  could  not  refuse  ;  it 
was  in  the  bond.  This  climax  being  reached,  the  banker  bought  in 
again  all  the  stock  he  had  previously  sold  out,  and  advised  his  friends 
to  repurchase  also.  They  did  so,  and  the  result  was  that  in  a  few- 

25 


290  LETTERS    AND    MISCELLANIES. 

weeks  consols  reached  84  again,  their  original  price,  and  from  that 
to  86.  Rothschild's  losses  were  very  great  by  this  transaction  ;  but 
t.hey  were  by  no  means  equal  to  the  banker's  gains,  which  could  not 
have  been  less  than  £300,000  or  £400,000. 

Since  Rothschild's  death,  no  one  can  be  said  to  have  taken  his 
place  on  the  Stock  Exchange.  There  are  several  gentlemen  who 
engage  in  very  large  transactions,  but  they  can  scarcely  be  said  to 
approximate  in  amount  to  his.  Neither  do  they  stand  out,  as  capi 
talists,  with  any  very  great  pre-eminence.  Rothschild's  sons  arc, 
of  course,  severally  rich,  even  when  compared  with  those  who  are 
regarded  among  the  most  affluent;  but  when  compared  with  him, 
they  can  only  be  considered  poor,  his  wealth  being  divided  amongst 
them.  But,  independently  of  this,  they  have  neither  the  spirit  of 
enterprise  nor  the  financial  knowledge  or  skill  of  their  late  father. 

It  is  to  the  transactions  of  speculators  in  the  funds,  such  as  those  I 
have  described  in  the  case  of  Rothschild,  and  to  others  of  a  smaller 
amount  by  less  affluent  parties,  and  not  to  any  purchases  effected  or 
sales  made  by  the  public,  that  the  sudden  rise  or  fall  of  consols  is  to 
be  ascribed.  Were  the  funds  left  to  the  operation  of  the  public  alone, 
there  would  be  scarcely  any  fluctuation  in  them  at  all. 

*  -K-  -H-  ^  -H-  •* 

Fortunes  are  lost  or  gained  on  the  Stock  Exchange  with  a  rapidity 
unknown  in  any  other  place.  It  is  no  uncommon  thing — it  was  still 
less  uncommon  in  time  of  the  war — for  a  man  to  be  worth  £20,000 
or  £30,000  one  day,  and  to  be  a  beggar  the  next.  There  are  also 
many  instances,  in  the  annals  of  the  Stock  Exchange,  of  parties  who 
could  not  command  a  farthing  one  day,  being  worth  £20,000,  £30,000 
£40,000,  or  £50,000  the  next.  As  illustrative  of  the  sudden  and 
singular  vicissitudes  of  fortune  which  men  sometimes  undergo  in 
that  place,  I  may  mention  a  curious  instance  in  the  case  of  Mr. 

F ,  the  present  proprietor  of  one  of  the  most  extensive  estates  in 

the  county  of  Middlesex.  He  had  been  for  some  years  a  member  of 
the  Stock  Exchange,  when,  on  becoming  unfortunate,  he  had  to  suffer 
the  indignity  of  having  his  name  chalked  on  the  blackboard ;  an  in 
dignity  to  which  poverty  more  frequently  than  dishonorable  conduct 
is  subjected.  The  loss  of  a  handsome  fortune,  coupled  with  the  treat 
ment  he  had  received  from  the  committee,  worked  his  feelings  up  to 
such  a  state  of  frenzy  that,  chancing  to  pass  London  Bridge  a  few 
days  after  the  battle  of  Waterloo,  he,  in  his  despair,  threw  the  last 
shilling  he  had  in  the  world  over  the  bridge  into  the  water.  For  a 
few  moments  afterwards  he  stood  motionless  on  the  spot,  leaning 


LETTERS   AND    MISCELLANIES.  291 

over  the  parapet,  and  gazing  vacantly  into  the  water.  The  emotions 
•which  then  passed  through  his  mind  were  of  a  nature  which  no  second 
party  could  describe  ;  and  which,  indeed,  even  he  himself  could  not 
by  possibility  convey,  with  any  thing  like  their  vividness  or  power, 
to  the  minds  of  others.  His  predominating  feelings — but  no  idea  can 
be  formed  of  their  burning  intensity — were  those  of  envy  of  the  insen 
sate  stones,  and  of  a  wish  that  he  himself  were,  like  his  last  shilling, 
at  the  bottom  of  the  river.  That  moment,  but  for  the  crowds  of  per 
sons  who  were  passing  and  repassing,  he  would  have  thrown  him 
self  over  the  parapet  of  the  bridge,  and  ended  his  woes  by  ending 
his  existence.  From  that  instant,  he  formed  the  purpose  of  commit 
ting  suicide  ;  and  he  began  to  move  slowly  towards  home  with  that 
view.  Before  he  had  reached  the  other  end  of  the  bridge,  he  was 
met  by  a  Frenchman  with  whom  he  had  been  on  terms  of  great  inti 
macy.  He  would  have  passed  by  the  Frenchman,  so  absorbed  was 
he  with  the  wretchedness  of  his  condition,  without  recognizing  him. 

The  latter,  however,  advancing  towards  Mr.  F. ,  seized  him  by  the 

hand,  and  inquired  how  he  was.  He  managed  to  lisp  out  an  "  0, 
how  are  you?" 

"  This  is  a  most  important  affair  to  both  countries,"  said  the  French 
man. 

"What  affair?"  inquired  the  other,  partially  recovering  himself 
from  the  frightful  reverie  to  which  he  had  been  giving  way. 

"  Why,  the  great  battle,"  observed  monsieur. 

"  The  great  battle  1     What  great  battle  ?" 

"  The  battle  of  Waterloo." 

"You  are  surely  dreaming.  I  have  not  heard  a  word  about  it:  the 
newspapers  make  no  mention  of  any  battle  having  been  lately  fought." 

"  I  dare  say  they  do  not.  How  could  they  ?  Intelligence  of  it  has 
only  reached  town  within  the  last  two  hours.  The  foreign  secretary 
and  the  French  ambassador  alone  know  any  thing  of  it.  Government 
have  received  the  tidings  of  it :  it  is  not  an  hour  since  I  parted  with 
the  French  ambassador  from  whom  I  had  the  information.  Napoleon 
is  signally  defeated." 

Mr.  F felt  as  if  he  had  started  from  a  deep  sleep.  lie  felt  as 

if  he  had  become  a  new  man.  The  advantage  to  which  such  import 
ant  intelligence  might  be  turned  on  the  Stock  Exchange,  the  scene  of 
so  many  disasters  and  so  much  degradation  to  him,  immediately  shot 
across  his  mind. 

"  And  the  battle  was  an  important  one  ?" 

"  Most  important,"  said  the  Frenchman,  with  great  emphasis.     "It 


292  LETTERS    AND    MISCELLANIES. 

will  prove  fatal  forever  to  the  prospects  of  Bonaparte.  His  usurpa 
tion  is  at  an  end,"  he  added,  with  evident  joy,  being  a  great  adherent 
of  the  Bourbon  family. 

"  "Were  the  numbers  on  either  side  great  ?" 

"  I  have  no  idea  of  the  exact  numbers ;  but  the  battle  was  the 
greatest  which  has  been  fought  in  modern  times,  and  it  lasted  a 
considerable  part  of  three  days." 

r     Mr.  F cordially  shook   the   Frenchman  by  the  hand,  and  said 

he  would  call  on  him  in  a  day  or  two.  Hastily  returning  to  the  city, 
he  hurried  to  a  certain  firm  on  the  Stock  Exchange,  informed  them 
that  he  had  just  become  exclusively  possessed  of  most  important  in 
formation,  and  expressed  his  readiness  to  communicate  it  to  them  on 
condition  that  he  should  receive  the  half  of  whatever  profits  they 
might  realize  on  any  operation  they  might  have  in  the  Stock  Exchange 
in  consequence  of  that  information.  They  agreed  to  his  proposal :  he 
told  them  the  result  of  the  battle  of  Waterloo :  they  rushed  into  the 
market,  and  purchased  consols  to  an  enormous  amount.  In  the  mean 

time,  Mr.  F proceeded  to  another  large  house,  and  told  them  also 

that  he  possessed  information  of  the  most  important  character,  of 
which  he  was  sure  they  had  heard  nothing.  They  admitted  they 
knew  of  nothing  that  was  not  in  the  public  prints.  He  made  the  same 
proposals  to  them  he  had  done  to  the  other  firm  :  they  also,  not  sup 
posing  Mr.  F had  spoken  to  any  other  party  on  the  subject,  at 

once  closed  with  the  offer,  and  on  the  intelligence  being  communicated 
to  them,  one  of  the  partners  called  the  other  aside — there  were  only 
two  in  the  counting-house  at  the  time — and  whispered  to  him  not  on 

any  account  to  let  Mr.  F out  of  his  sight,  lest  he  should  allow  the 

important  intelligence  to  transpire  to  some  one  else — adding  that  he 
would  that  instant  hurry  to  the  Stock  Exchange,  and  employ  various 
brokers  to  purchase  consols  to  a  large  amount.  "You'll  recollect 
what  I  have  said  ?"  he  observed  to  his  partner,  as  he  hastened  out  of 
the  counting-house.  "  I'll  take  special  care  of  that,"  said  the  other. 
"  Leave  such  matters  to  me,"  he  added  in  his  own  mind.  A  thought 

struck  him.     "  Mr.  F ,  will  you  just  step  into  the  parlor,"  pointing 

the  way,  "  and  have  a  lunch  ?"  Mr.  F assented.  They  both  pro 
ceeded  to  an  apartment  in  another  part  of  the  house.  A  lunch  was 

brought.     Mr.  F ,  whose  state  of  mind  had  deprived  him  of  all 

appetite  for  some  days  past,  now  ate  rather  heartily.  While  busy 
with  the  things  set  before  him,  the  other,  rising  from  his  seat,  said, 

"  You'll  excuse  me  for  a  moment,  Mr.  F ,  while  I  transact  a  small 

matter  in  the  counting-house."     "  Certainly,"  said  Mr.  F ;  "  take 


LETTERS   AND    MISCELLANIES.  293 

your  time."  The  other  quitted  the  room,  and  on  getting  to  the  out 
side,  locked  the  door,  unknown  to  Mr.  F. ,  and  put  the  key  in  his 

pocket.  In  about  half  an  hour,  the  first  partner  returned  from  the 
Stock  Exchange,  and  stated  that  the  funds  had  already,  from  some 
cause  or  other,  risen  in  an  hour  two  or  three  per  cent.  The  cause,  it 
is  unnecessary  to  say,  was  the  immense  amount  of  consols  which  had 
been  purchased  by  the  first  house  to  whom  Mr.  F gave  the  infor 
mation.  Both  partners  proceeded  to  the  apartment  in  which  they  had 
shut  up  their  prisoner,  and  apprised  him  of  the  rise  which  had  taken 
place,  adding  that  they  did  not  think  it  advisable  to  purchase  at  the 
advanced  price.  He  urged  them  to  do  so,  expressing  his  firm  belief 
that  when  the  news  of  so  important  a  victory  by  the  Allied  Powers 
had  been  received,  the  funds  would  rise  at  least  10  or  12  per  cent. 
The  parties  acted  on  his  advice,  and  made  immense  purchases.  The 

eveat  justified  the  soundness  of 'Mr.  F 's  counsel,  and  the  accuracy 

of  his  opinion  ;  for,  on  the  day  on  which  intelligence  of  the  battle  was 
made  general,  the  funds  rose  to  the  amazing  extent  of  15  per  cent. — 
which  is  the  greatest  rise  they  were  ever  known  to  experience.  Mr. 
F 's  share  of  the  profits  between  the  two  houses  in  one  day  ex 
ceeded  £100,000.  He  returned  next  day  to  the  Stock  Exchange,  and 
very  soon  amassed  a  large  fortune,  when  he  had  the  wisdom  to  quit 
the  place  forever,  and  went  and  purchased  the  estate  I  have  alluded 
to  which  he  still  possesses. 

The  funds  experienced  a  greater  fluctuation,  as  well  as  greater  rise, 
on  the  day  on  which  the  result  of  the  battle  of  Waterloo  was  made 
known,  than  they  ever  did  at  any  previous  or  subsequent  period.  The 
average  rise  in  the  course  of  the  day,  as  just  stated,  was  fifteen  per 
cent. ;  but  taking  all  their  different  variations,  up  and  down,  and 
down -and  up  together,  the  fluctuation  was  fully  100  per  cent. 

It  can  scarcely  be  necessary  to  say  that,  during  the  time  of  the  war, 
the  fluctuations  of  the  funds  were  much  greater  than  they  have  been 
since  the  peace.  The  news  of  every  succeeding  battle  sent  them  up, 
or  drove  them  down,  according  as  the  results  of  such  battle  were  sup 
posed  likely  to  affect  this  country.  As  might  have  been  expected,  all 
sorts  of  rumors  as  to  new  battles  were  got  up  to  serve  the  purposes  of 
individuals.  Many  a  battle  was  fought,  and  many  a  victory  gained 
and  lost  on  the  Stock  Exchange,  which  were  never  heard  of  any 
where  else.  So  accustomed,  indeed,  had  the  members  become  to  false 
intelligence  in  one  or  two  of  the  leading  papers,  given  with  all  the 
solemnity  and  positiveness  of  truth,  that  they  frequently  found  them 
selves  in  the  predicament  of  the  persons  who  had  been  so  often 

25* 


294  LETTERS   AND    MISCELLANIES. 

groundlessly  alarmed  by  the  cry  of  "  Wolf"  from  the  shepherd's  boy, 
that  they  did  not  believe  it  when  true.  On  one  occasion,  a  blunt, 
honest  member,  who  had  an  immense  stake  depending  on  the  aspect 
of  the  war  on  the  continent,  having  heard  a  rumor  that  a  certain 
battle  had  taken  place,  but  not  knowing  whether  to  credit  it  or  not, 
determined  on  waiting  personally  OH  Lord  Castlereagh,  then  foreign 
minister,  with  the  view  of  endeavoring  to  get  at  the  truth.  He  sent 
up  his  name  to  his  lordship,  with  a  note  stating  the  liberty  he  had 
taken  in  consequence  of  the  amount  he  had  at  stake,  and  begging  as 
a  favor  to  be  informed  whether  the  news  of  the  battle  in  question  was 
true.  The  noble  lord  desired  the  gentleman  to  be  sent  up  stairs.  He 
was  shown  into  his  lordship's  room.  "  Well,  sir,"  said  his  lordship, 
"  I  am  happy  to  inform  you  that  it  is  perfectly  true  this  great  battle 
has  been  fought,  and  that  the  British  troops  have  been  again  victo 
rious." 

"  I  am  exceedingly  obliged  to  your  lordship  for  your  kindness  in 
giving  me  the  information  :  I  am  a  ruined  man,"  said  the  Stock  Ex 
change  speculator,  making  a  low  bow  and  withdrawing.  He  had  cal 
culated  on  the  triumph,  at  the  next  conflict,  of  Napoleon's  army. 
He  had  speculated  accordingly  ;  a  contrary  issue  at  once  rendered  him 
a  beggar. 


MERCANTILE  TRANSACTIONS  IN  SCOTLAND. 

IT  is  not  as  in  England,  where,  when  an  article  is  offered  for  sale, 
it  is  immediately  purchased,  or  at  once  rejected  as  being  too  dear ; 
but  here  there  is  a  long  haggling  and  cheapening  of  every  article  suc 
cessively  offered.  The  relation  of  my  transactions  with  a  man  will 
show  the  general  mode  of  doing  business.  He  bids  me  call  again, 
which  I  do  several  times  without  doing  any  thing  He  wishes  to  be 
the  last  I  do  with  ;  but  all  cannot  be  last,  and  all  have  wished  to  be 
so.  After  a  few  days,  I  get  him  to  proceed  to  business :  he  objects  to 
the  price  of  the  article  I  offer.  He  will  not  buy.  I  try  to  induce  him, 
but  do  not  offer  to  make  any  reduction.  Says  he,  "  You  are  over 
dear,  sir ;  I  can  buy  the  same  gudes  10  per  cent,  lower  ;-  if  ye  like  to 
tak'  off  10  per  cent.,  I'll  tak'  some  of  these." 

I  tell  him  that  a  reduction  in  price  is  quite  out  of  the  question, 
and  put  my  sample  of  the  article  aside  ;  but  the  Scotchman  wants  it. 

"  Weel,  sir,  it's  a  terrible  price  ;  but  as  I  am  out  o'  it  at  present, 


LETTERS   AND    MISCELLANIES.  295 

I'll  just  tak'  a  little  till  I  can  be  supplied  cheaper,  but  ye  maun  tak' 
aff  5  per  cent." 

"But,  sir,"  says  I,  "would  you  not  think  me  an  unconscionable 
knave  to  ask  10  per  cent.,  or  even  5  per  cent.,  more  than  I  intended 
to  take  ?" 

He  laughs  at  me.  "  Hoot,  hoot,  mon,  do  ye  expect  to  get  what  ye 
ask  ?  Gude  Lord  !  an'  I  was  able  to  get  half  what  I  ask,  I  would  soon 
be  rich.  Come,  come  ;  I'll  gie  ye  within  twa  an'  a  half  per  cent,  of 
your  ain  price,  and  gude  faith,  mon,  ye'll  be  well  paid." 

I  tell  him  that  I  never  make  any  reduction  from  the  price  I  first 
demand,  and  that  an  adherence  to  the  rule  "  saves  much  trouble  to 
both  parties." 

Weel,  weel,"  says  he,  "  since  ye  maun  hae  it  a'  your  ain  way,  I 
maun  e'en  tak'  the  article ;  but  really  I  think  ye  are  over-keen." 

So  much  for  buying  and  selling :  then  comes  the  settlement.  "  Hoo 
muckle  discount  do  ye  tak'  aff,  sir  ?" 

"  Discount !  You  cannot  expect  it.  The  account  has  been  stand 
ing  a  twelvemonth."" 

"  Indeed,  but  I  do  expect  discount — pay  siller  without  discount ! 
Na,  na,  sir,  that's  not  the  way  here ;  ye  maun  deduct  5  per  cent." 

I  tell  him  that  I  make  no  discount  at  all.  "  Weel,  sir,  I'll  gie  ye 
nae  money  at  a'." 

Rather  than  go  without  a  settlement,  I  at  last  agree  to  take  2£  per 
cent,  from  the  amount,  which  is  accordingly  deducted 

"  I  hae  ten  shillings  doon  against  ye  for  short  measure,  and  fifteen 
shillings  for  damages." 

"  Indeed,  these  are  heavy  deductions  ;  but  if  you  say  that  you  shall 
lose  to  that  amount,  I  suppose  that  I  must  allow  it." 

"  Oh,  ay,  it's  a'  right ;  then,  sir,  eight  shillings  and  four  pence  for 
packsheet,  and  thirteen  shillings  for  carriage  and  portage." 

These  last  items  astonish  me.  "  What,  sir,"  says  I,  "  are  we  to 
pay  all  the  charges  in  your  business  ?"  But  if  I  do  not  allow  these 
to  be  taken  off,  he  will  not  pay  his  account ;  so  I  acquiesce,  resolving 
within  myself  that,  since  these  unfair  deductions  are  made  at  settle 
ment,  it  would  be  quite  fair  to  charge  an  additional  price  to  cover  the 
extortion.  I  now  congratulate  myself  on  having  concluded  my  busi 
ness  with  the  man  ;  but  am  disappointed. 

"  Hae  ye  a  stawmpe  ?"  asks  he. 

"  A  stamp,  for  what  ?" 

"Just  to  draw  ye  a  bill,"  replies  he. 

"  A  bill,  my  good  sir  !     I  took  off  2£  per  cent,  on  the  faith  of  being 


296  LETTERS   AND    MISCELLANIES. 

paid  in  cash."  Bat  he  tells  me  it  is  the  custom  of  the  place  to  pay 
in  bills,  and  sits  down  and  draws  me  a  bill  at  three  months  after  date, 
payable  at  his  own  shop. 

"  And  what  can  I  do  with  this  ?" 

"  Oh,  ye  may  tak'  it  to  Sir  William's,  and  he'll  discount  it  for  you, 
on  paying  him  three  months'  interest." 

"  And  what  can  I  do  with  his  notes  ?" 
He'll  gie  ye  a  bill  in  London,  at  forty-five  days." 

"  So,  sir,  after  allowing  you  twelve  months'  credit  and  2$  per  cent, 
discount,  and  exorbitant  charges  which  you  have  no  claim  on  us  to 
pay,  I  must  be  content  with  a  bill  which  we  are  not  to  cash  for  four 
months  and  a  half." 

"  Weel,  weel— and  now,  sir,"  says  he,  "  if  you  are  going  to  your 
inn,  I'll  gang  wi  ye,  and  tak'  a  glass  o'  wine." 


A  HAMBURGH  MERCHANT  IN  HIS  COUNTING-HOUSE.* 

IT  was  not  six  o'clock,  yet  I  was  already  pacing  my  room  with 
hasty  and  anxious  strides,  and  my  fellow  lodgers  must  certainly  have 
regretted  my  vicinity,  in  that  I  was  the  indiscreet  disturber  of  their 
morning  repose.  Was  ever  poor  author,  through  unforeseen  circum 
stances,  betrayed  into  a  more  vexatious  dilemma  than  was  I  at  that 
moment,  in  the  free  Hans  Town  of  Hamburgh  ?  My  exchequer  was 
exhausted,  and  my  departure  yet  to  be  effected,  with  not  a  red  cent 
left  in  my  pocket.  Mr.  Marr,  my  friendly  host,  is  good  and  kind- 
hearted,  and  not  the  man  to  cut  an  unpaid  account  immediately  from 
one's  skin  ;  but  the  Prussian  Schnellpost  takes  no  passengers  on  credit, 
and  on  the  next  day,  without  fail,  I  must  forth  to  Berlin.  For  the 
twentieth  time  had  I  rummaged  through  my  letter-case,  in  the  hope 
that  some  shrinking  treasure-certificate,  some  modest  letter  of  credit, 
might  have  crept  into  a  corner,  but  in  vain  !  Stop !  what  paper  is 
that  ?  It  is  a  letter  which  a  well-wishing  patron  has  given  me,  and 
which  I  have  negligently  omitted  to  present.  The  address  is  quite 
simple—"  Herr  Mohrfeld,  Deich  Street,"  I  breathed  aloud,  "  Perhaps 
this  is  the  man  from  whom  help  is  to  reach  me."  I  remembered  that 
my  patron  had  described  him  as  the  head  of  a  very  eminent  mercan- 

*  Translated  from  the  German  by  T.  P.  Kettle  for  the  Democratic 
Review. 


LETTERS   AND    MISCELLANIES.  297 

tile  house,  whose  acquaintance  would  greatly  advantage  me.  Speedily 
did  I  come  to  a  decision — dressed  myself,  and  with  the  stroke  of  eight 
left  the  hotel  for  Deich  Street,  where  I  expected  my  rescuing  angel  to 
appear  to  me.  Stop!  here,  at  the  hop-market,  I  must  pause  a  moment. 
Yonder  is  a  short,  thick-set  man,  in  a  blue  overcoat,  with  a  badly- 
combed  brown  hair,  and  whose  ruddy  face  has  a  blunt  and  taciturn 
expression.  He  has  bought  a  good  fish,  sent  a  porter  away  with  it, 
and  pursues  his  walk.  He  has  his  hands  crossed  behind  him — his 
eyes  cast  upon  the  ground — and  with  a  low  humming,  turns  into  the 
Deich  Street.  Without  his  taking  any  notice  of  me,  we  strode  together, 
and  at  last  both  stood  still  before  the  same  house.  There  he  re 
covered  from  his  thoughtful  manner,  and,  looking  steadily  at  me, 
asked  in  a  suppressed  tone,  "  Do  you  wish  to  speak  with  any  one 
here?"  Vexed  that  so  ordinary-looking  a  man  should  address  me 
with  so  little  ceremony,  I  answered  with  some  haughtiness,  "  I  have 
business  with  the  house  of  Mohrfeld."  He  smiled,  and  then  said 
earnestly,  "  I  am  Mohrfeld  !"  What !  and  from  this  man,  who  buys 
his  own  fish,  and  appears  in  a  threadbare  coat,  am  I  to  expect  help? 
Is  this  mean-looking  personage  the  only  dependence,  in  respect  of  his 
purse,  of  his  novel-writing  guest  ?  But  he  was  the  only  anchor  of 
hope  to  which  I  could  cling.  With  lightning  haste  I  removed  my 
hat,  and  said,  with  a  most  respectful  air,  "  Pardon  me  ! — I  had  till 
now  not  the  honor — I  have" — here  I  drew  the  letter  from  my  pocket 
— "  a  commission  to  deliver  this  letter."  Ilerr  Mohrfeld  interrupted 
me.  "  Not  now ;  by  and  by  I  will  speak  with  you  in  the  counting- 
room  ;  you  must,  however,  wait  awhile.  Come" — he  stepped  into  the 
house,  and  I  followed.  In  the  great  hall  all  was  activity.  There 
were  two  great  scales,  on  which  workmen  were  weighing  coffee,  as  a 
clerk  stood  by  with  his  memorandum-book.  Mr.  Mohrfeld  looked  on 
silently  for  a  few  moments,  and  was  passing  on,  when  a  laborer  threw 
down  a  bag  of  coffee  in  a  manner  to  burst  it  and  scatter  the  berries 
upon  the  floor.  "  What  gross  carelessness  I"  tartly  exclaimed  the 
merchant;  and  stooping  to  collect  the  scattered  coffee,  continued, 
"  Gather  it  all  up,  and  put  it  again  in  the  sack.  Then  have  it  properly 
mended ;  and  you,  Mr.  Moller,  see  that  the  bag  is  weighed  afterwards, 
and  if  there  is  a  loss,  charge  the  amount  to  this  improvident  man.  It 
shall  be  deducted  from  his  week's  pay." 

That  is  hard,"  said  the  man.     "  Only  a  little  coffee" — 
"  Only  a  little  coffee  !"  answered  the  merchant  quickly.     "  He  who 
despises  trifles  is  not  worthy  of  great  things ;  out  of  eight- an d-forty 
shillings  is  composed  a  thaler ;  and  to  one  good  vintage  many  warm 


298  LETTERS  AND  MISCELLANIES. 

days  are  necessary.  So  !  not  worth  the  trouble  ?  Negligence  is 
a  great  failing,  and  ruinous  to  ordinary  business.  Mr.  Moller,  when 
this  man  again,  even  in  the  smallest  particular,  displays  his  careless 
ness,  discharge  him  on  the  spot.  I  make  you  answerable/' 

"  Great  God  !"  thought  I,  "  for  a  handful  of  coffee,  will  he  deprive 
a  man  of  his  bread  ?  How  hard !  how  cruel !  how  will  it  go  with 
me?" 

A  young  man,  dressed  with  great  elegance,  came  now  out  of  the 
office,  bowed  to  the  merchant,  and  was  about  to  pass  out  of  the  door, 
but  at  a  look  from  his  employer,  stood  still. 

"  What  an  appearance  you  make  !"  said  Mohrfeld,  disdainfully. 
"  Is  there  to  be  a  ball  in  my  counting-house  ?  and  where  were  you 
yesterday  evening  ?  If  I  am  not  in  error,  you  were  curvetting  on  a 
palfrey  out  at  the  Damn  Door,  and  had  no  time  to  observe  your  em 
ployer,  who  passed  you  on  foot." 

"  I  beg  a  thousand  pardons,"  answered  the  young  man,  turning 
blood-red  in  his  face.  "  I" — 

"  So  good !"  interrupted  Mohrfeld.  "  I  have  nothing  to  do  with 
that  which  my  people  do  out  of  business  hours,  if  they  perform  their 
duties  punctually.  But  with  you  it  is  different.  You  have  a  poor 
mother  who  suffers  for  necessaries ;  three  uneducated  brothers,  two 
of  whom  I  met  yesterday  barefoot,  and  that  at  a  time  of  life  when 
they  should  be  in  school.  It  would  be  more  honor  to  you  to  attend 
to  that,  and  to  take  care  of  your  brothers,  instead  of  dressing  in  the 
latest  fashion,  and  capering  upon  a  saddle-horse.  Go  to  your  busi 
ness,  sir." 

The  young  man  became  purple  in  the  face,  withdrew  himself  back 
wards  like  a  crab,  and  vanished  through  the  door.  The  merchant 
strode  through  the  store,  and  entered  the  counting-room,  where  I  fol 
lowed  him.  What  a  sight!  A  long  and  rather  gloomy  hall  presented 
itself,  with  numerous  desks,  behind  each  of  which  stood  a  person 
busily  writing  or  reckoning,  and  of  whom  I  counted  thirty.  In  an 
adjoining  room  sat  many  more.  Not  far  from  the  door  sat  a  rather 
elderly  man  at  a  counter,  and  near  him  stood  several  iron  chests,  and 
the  association  drew  from  me  a  deep  sigh. 

"  Well,  Mr.  Caston,"  said  the  merchant,  as  he  approached  his 
cashier,  "what  news ?"  "  But  little,"  answered  he  quietly.  "  There 
is  a  demand  for  bills.  We  have,  however,  nothing  to  spare.  In  Li 
vonia  we  have  nothing,  and  on  Genoa  and  Venice  we  have  not  more 
than  our  three  ships  loading  for  those  ports  require.  Two  value  on 
New  York,  and  one  on  Havana,  that  will  be  wanted,  and  I  have  no- 


LETTERS   AND    MISCELLANIES  299 

tified  them.  Can  you  use  any  Copenhagen  or  Swedish  paper  at  the 
current  rates?"  "No;  there  must  be  as  little  funds  as  possible 
locked  up  in  paper.  I  shall  need  a  large  cash  balance.  Remember 
that."  He  passed  on,  and  stood  before  a  desk.  "Were  the  goods 
sent  yesterday  on  board  the  Artemisia,  Mr.  Kohler?"  he  asked. 
"  Are  the  policies  for  the  Pleil  taken  out,  and  has  Captain  Hey  sen 
got  his  papers ?"  "It  is  all  attended  to,"  said  the  clerk.  "  Here  is 
the  bill  of  lading ;  here  the  policy,  and  the  receipt  of  the  captain." 
"  Good  ;  your  punctuality  pleases  me.  Go  on  ;  method  is  the  soul  of 
business.  Take  care  of  that  sand,  however.  It  has  a  slovenly  ap 
pearance  to  see  it  so  scattered  as  on  your  desk." 

Mr.  Mohrfeld  had  now-  arrived  at  his  desk,  which  was  secluded  from 
the  main  hall  by  a  rail.  He  pointed  me  to  a  chair,  and  began  to  ex 
amine  some  letters  that  had  waited  his  coming.  A  deep  silence  now 
pervaded  the  room,  which  was  broken  only  by  the  monotonous  scratch 
ing  of  many  quills.  No  loud  word  was  spoken,  and  seldom  a  sup 
pressed  whisper  was  heard.  No  notice  was  taken  of  me  ;  not  a  word 
was  addressed  to  me,  nor  was  a  curious  glance  directed  towards  me. 
The  merchant  read  through  his  letters,  and  called  several  young  men 
to  him,  giving  directions,  but  receiving  no  answers.  "  At  one  o'clock, 
all  must  be  ready  for  signature.  You,  Mr.  Becker,  must  take  care 
that  no  more  errors  creep  into  your  French  letters.  You  are  too 
quick,  too  hasty.  Take  example  of  Mr.  Hart— his  English  letters  are 
a  master  correspondence.  Above  all,  I  observe  lately  in  your  letters 
a  worthless  innovation.  You  use  a  pompous,  verbose  style,  and  em 
ploy  three  lines  where  three  words  are  sufficient.  Abandon  that.  A 
flowery  style  is  always  a  folly,  and  especially  so  in  mercantile  letters  ; 
but  it  comes  from  the  senseless  novels  and  romances  that  you  are 
eternally  reading,  and  which  will  yet  incapacitate  you  for  every  use 
ful  employment.  I  have  warned  you — take  care  for  the  future." 

This  was  a  brilliant  prospect?  What  reception  could  a  novel- 
writer  expect  from  a  man  possessed  of  such  views  ?  At  this  moment 
Mohrfeld  turned  to  me,  and  said  rather  short,  "  Well,  sir,  about  our 
business  ?"  "  At  your  service,"  I  stammered,  and  reached  him  my 
letter  ;  but  he  had  not  opened  it  ere  we  were  again  interrupted. 
"  See  there  !  good-morning,  Captain  Heysen,"  said  the  merchant, 
with  animation.  "  You  come,  probably,  to  take  leave  ;  a  lucky  voyage 
to  you,  and  bring  yourself  and  crew  back  in  good  health.  Pay  good 
attention  to  ship  and  cargo,  and  make  me  no  '  general  average  ' 
Your  wife,  say  you?  Why,  in  any  circumstances,  let  her  apply  to  me 
at  once.  If  you  have  a  good  opportunity,  and  avail  yourself  skilfully 


300  LETTERS   AND    MISCELLANIES. 

of  it,  you  may  be  back  by  Christmas.  Well,  adieu,  Captain  :  you 
have" — here  he  glanced  at  the  almanac — "no  time  to  lose.  It  is 
now  high  water ;  you  may  lose  the  tide,  and  I  am  not  pleased  to  have 
the  ship  anchored  at  Blankenese.  Lucky  voyage."  The  captain 
vanished,  and  another  man  took  his  place.  "Good-morning,  Mr. 
Flugge  ;  what  have  you  to  say  ?"  asked  the  merchant ;  "I  am  well 
pleased  with  that  last  purchase  of  wood.  Yon  earned  your  commission 
with  honor.  When  you  have  such  another  lot  on  the  same  terms, 
let  me  know.  My  ships  must  be  employed.  There  are  already  three 
lying  idle.  As  soon  as  the  new  s^ock  arrives,  let  jne  know.  Adieu." 
"  I  beg  your  pardon,  sir" — this  was  directed  to  me — "  that  I  keep 
you  so  long  waiting ;  but  the  current  business  takes  precedence." 
"  Good-morning,  Pilot !  Already  back.  Is  my  '  Hope'  gone  to  sea 
safely?"  "  All  as  you  wish,  Mr.  Mohrfeld,"  answered  a  robust  Elbe 
pilot.  "  The  ship  is  a  fast  sailor,  and  not  afraid  of  a  breeze.  Here 
is  a  letter  from  the  captain.  But  I  must  to  day  on  board  another 
vessel.  Perhaps  I  can  take  my  pilotage  with  me  ?"  "  That's  of 
course,  Pilot ;  and  for  the  quick  pilotage,  ten  thalers  more.  Go  to 
my  cashier  ;  he  will  make  it  all  right."  "  What  do  you  want  ?" 
This  was  addressed  to  a  meagre-looking  little  man,  with  a  bald  head 
and  snuffy  nose,  who,  in  a  threadbare  black  coat  and  stooping  pos 
ture,  stood  before  the  wealthy  merchant. 

"  I  beg  a  thousand  pardons,"  he  answered  ;  "  I  am  Doctor  Eck, 
from  Frankfort.  I  have  for  a  long  time  had  in  consideration  the 
peculiar  procreation  of  mankind,  and  at  last  have  succeeded  in  the 
formation  of  a  brilliant  theory,  that  I  intend  to  promulgate  in  a  series 
of  lectures ;  and  I  would  therefore  solicit — " 

"  I  am  sorry,"  interrupted  the  merchant  ;  "  but  I  am  opposed  to 
all  theories  that  cannot  be  promptly  applied  to  the  concerns  of  life. 
Away  with  your  air-castles,  fog-projects,  and  chimeras  !  I  am  very 
sorry." 

The  poor  doctor  perspired  with  anxiety;  and,  scarcely  able  to 
speak,  he  looked  pitiably  at  the  subscription-list  in  his  hand,  and 
stammered  out  something  ef  patrons  and  down-trodden  sons  of 
Minerva ;  but  his  voice  faded  into  an  indistinguishable  murmur. 
The  merchant  regarded  him  for  a  moment  with  a  sarcastic  smile, 
then  took  the  list,  and  wrote  a  line.  It  must  have  been  a  very  im 
portant  line,  for  the  face  of  the  doctor  brightened  with  a  heartfelt 
laugh  as  he  busied  himself  to  lay  more  papers  upon  the  desk.  The 
merchant  motioned  him  away,  saying,  "  No  matter  !  It  is  a  pleasure 
to  me  when  my  signature  can  be  of  use  to  a  meritorious  and  learned 


LETTERS    AND    MISCELLANIES.  301 

man,  even  if  personally  I  derive  no  profit  from  his  talents.  Your 
theory  and  my  practice  are  very  different ;  an  interchange  of  ideas 
that  are  so  directly  opposed  leads  only  to  endless  confusion.  Fare 
well  1" 

The  doctor  retired,  and  made  room  for  a  man  who  pressed  close 
up,  and  without  further  ceremony  began :  "  Mr.  Mohrfeld,  your 
'  Fortuna'  is  quite  ready,  and  can  be  launched  at  any  moment.  I 
wish  to  know  what  time  you  will  appoint  ?" 

"  Monday  morning,  Mr.  Reich,"  answered  the  merchant.  "  I  am 
well  pleased  with  your  prompt  and  efficient  mode  of  business.  Now, 
as  young  beginners  should  be  encouraged,  you  may  lay  the  keel  of  a 
new  ship  on  my  account.  Try  yourself  at  that.  I  passed  your  yard 
yesterday,  and  observed  the  order  and  industry  with  which  it  is 
conducted.  Persevere  in  that  manner.  Well !  remember  Monday 
morning.  Farewell !  Who  are  you  ?" 

This  was  addressed  to  a  poorly-clad  woman,  with  pallid  cheeks  and 
eyes  red  with  weeping,  who  now  stood  before  him.  At  this  nearly 
harsh  address  of  the  merchant,  she  looked  anxiously  up,  and  answered, 
"  I  am  the  wife  of  Bodmer,  the  man  who  was  so  unfortunate  as  to 
fall  from  the  loft  and  break  his  leg." 

"  Shocking !  very  shocking  !  I  am  very  sorry  for  Bodmer ;  he  was 
an  orderly  man,  and  ever  cheerfully  performed  his  duties.  But  my 
surgeon  visited  him  ;  what  did  he  say  ?" 

"  He  gives  the  best  hope  of  saving  my  husband's  life,  but  it  will 
be  a  tedious  sickness ;  and  who  knows  if  the  poor  man  will  ever  again 
be  able  to  work  !  What,  then,  shall  we,  with  our  five  poor  children, 
do?" 

"  Have  confidence  in  the  man  in  whose  service  you  have  met  the 
misfortune,"  answered  the  merchant.  "  What  the  patient  needs  of 
wine  and  strengthening  food  shall  be  furnished  from  my  kitchen. 
The  weekly  wages  you  will  receive  regularly  on  Saturday.  Now 
go  home,  and  remember  me  to  your  husband,  whom  I  will  soon 
visit." 

The  woman  through  her  tears  rendered  speechless  thanks,  and  the 
merchant  began  reading  my  letter. 

"  Your  letter  has  rather  an  old  date,"  said  he,  suddenly  ;  "  I  have 
long  expected  it.  Your  circumscribed  time  has  probably  prevented 
an  earlier  call  ?" 

I  stammered  out  a  lie,  something  about  my  indisposition  to  disturb 
BO  active  a  business  man,  and  that  at  the  moment  I  was  in  great 
necessity.  He  did  not  let  me  finish,  but  went  on : — 

26 


302  LETTERS    AND    MISCELLANIES. 

"  You  are  here  highly  recommended  to  me.  If  I  can  do  any  thing 
for  you,  speak  freely.  Persons  away  from  home  frequently  stand  in 
need  of  aid." 

This  was  the  moment  to  speak  of  the  deep  ebb  of  my  purse  ;  but 
oh  !  the  false  shame — the  words  would  not  leave  my  lips. 

"Nothing?"  he  proceeded.  "Well,  on  another  occasion,  perhaps. 
Come,  however,  on  Sunday  to  my  cottage  before  the  Damn  Door,  and 
take  a  spoonful  of  soup  with  me.  Men  of  business  have  on  week 
days  but  small  leisure  to  bestow  on  mere  conversation." 

Here  was  my  dismissal ;  but  without  money,  however,  I  could  not 
go.  I  was  completely  cleaned  out,  and  must  travel.  At  this  moment, 
there  came  to  my  rescue  a  clerk,  \vho  handed  between  the  desk  and 
myself  a  letter  brought  by  an  express,  addressed  to  Mr.  Mohrfeld.  It 
was  instantly  opened  and  read,  and  was  probably  of  a  favorable  na 
ture,  as  a  pleasing  smile  played  round  the  lips  of  the  merchant ;  but 
suddenly,  as  if  betraying  a  weakness,  it  again  vanished,  and  he  laid 
the  letter  with  accustomed  unconcern  on  one  side.  As  he  did  so,  his. 
glance  again  fell  on  me. 

"  Any  thing  further  to  command,  sir  ?" 

Now  must  I  speak,  cost  what  it  will.  I  stepped  close  to  his  chair, 
bowed  my  lips  to  his  ear,  and  poured  forth  a  multitude  of  words, 
among  which  the  most  emphatic  were,  "want  of  money."  To  an 
elegant  construction  of  sentences  at  such  a  moment,  would  even  De 
mosthenes  have  given  no  thought.  The  merchant  stared  at  me  with 
wondering  eyes,  then  took  my  letter  in  hand,  and  again  read  it 
through  with  close  attention  ;  after  which  he  wrote  a  line  under  it 
and  handed  it  to  me,  saying,  "  Here,  sir ;  have  the  goodness  to  hand 
this  to  my  cashier.  I  shall  depend  on  seeing  you  at  my  table  on 
Sunday ;  for  the  present  you  will  excuse  me." 

I  bowed  silently,  and  soon  stood  before  the  man  surrounded  with 
iron  chests.     He  took  the  letter,  and  said,  "  You  have  to  receive  one 
hundred  marks  courrant.     Will  you  please  give  a  receipt  ?     Here  is* 
the  money." 

"  And  here,  sir,  is  your  receipt,"  cried  I,  with  a  lightened  heart, 
as  I  thrust  the  fifty-one  thalers,  nineteen  and  two-thirds  shillings 
into  my  pocket,  hurried  out  of  the  office  into  the  free  air  of  heaven, 
and  turned  towards  the  Alster  Hall,  in  the  elegantly-decorated  rooms 
of  which  I  speedily  enjoyed  a  substantial  breakfast. 


LETTERS    AND    MISCELLANIES.  303 


P.  T.  BARNUM'S  RULES  FOR  SUCCESS  IN  BUSINESS 

I  HAVE  delayed  the  further  progress  of  this  book  some  three 
weeks,  to  obtain  the  opinion  of  one  who  is  known  all  over  the  world 
as  the  ablest  tactician,  and  one  of  the  most  successful  business  men 
of  the  age,  and  I  am  happy  to  say  it  is  worth  waiting  for.  Had  I 
received  It  earlier,  I  would  have  been  tempted  to  affix  it  to  the 
encomium  which  I  passed  upon  McDonogh's,  as  the  u  most  valuable 
opinion  upon  record."  It  is  certainly  a  volume  within  itself.  I 
am  sure  my  friends  the  editors  will,  after  a  while,  be  wanting  a 
slice  of  it  for  the  benefit  of  their  readers,  and  they  are  most  wel 
come  to  it;  but,  gentlemen,  do  not,  I  pray  you,  forget  to  mention 
the  source  from  which  you  obtained  it,  or  to  tell  your  readers  that 
"there  are  a  few  more  of  the  same  sort  left."  Amidst  the  multi 
plicity  of  books,  there  is  danger  that  those  which  may  have  the 
best  effect  will  be  unheard  of  by  the  public  without  your  fostering 
care,  In  the  following  letter,  Mr.  Baruum  has  given  me  authority 
to  make  alterations,  &c.,  which  I  have  not  made,  because  I  see  no 
need  of  any,  and  for  fear  of  spoiling  it.  It  is  possible  that  his 
remarks  on  advertising  should  be  slightly  qualified,  to  be  good 
advice  to  all  men — for  a  man  should  be  first  certain  that  his  articles 
are  really  good  in  themselves,  and  would  be  popular  if  generally 
known  ;  and,  secondly,  he  should  be  certain  of  his  own  strength— 
that  is,  he  should  be  a  Barnuni  before  he  attempts  to  rival  a  Bar- 
num. 

BRIDGEPORT,  June  28,  1852. 
EDWIN  T.  FREEDLEY,  ESQ. 

DEAR  SIR  :  Upon  receiving  your  telegraph  dispatch  on  Saturday, 
that  you  are  waiting  at  an  expense  for  my  letter,  I  telegraphed  you 
that  you  should  receive  it  on  Wednesday,  but  on  reflection  I  deter 
mined  to  keep  you  no  longer  waiting,  so  I  sat  right  down  and  wrote 
the  inclosed.  I  fear  that  it  is  not  what  you  want — but  such  as  it  is, 
I  send  it.  Very  likely  the  grammar  may  need  correcting,  and  I  also 
give  you  full  liberty  to  curtail  and  leave  out  any  thing  you  please,  and 
make  any  alterations  and  additions  that  you  please,  provided  you  do 
not  alter  the  general  meaning  and  spirit  of  the  article. 


304  LETTERS  AND  MISCELLANIES. 

I  hope  you  will  be  successful  in  your  publication,  and  I  shall  be 
glad  to  purchase  a  copy  of  the  work  when  it  is  completed. 

Truly  yours, 

P.  T.  BARNUM. 

I  can  scarcely  expect  to  offer  any  thing  new  on  the  subject  pro 
posed,  but  will  name  a  few  rules  that  I  am  convinced,  from  experience 
and  observation,  must  be  observed  in  order  to  insure  success  in  busi 
ness. 

1st.  Select  the  KIND  of  business  tliat  suits  your  natural  inclinations 
and  temperament. — Some  men  are  naturally  mechanics  ;  others  have 
a  strong  aversion  to  any  thing  like  machinery,  and  so  on  ;  one  man 
has  a  natural  taste  for  one  occupation  in  life,  and  another  for  an 
other.  "  I  am  glad  we  do  not  all  feel  and  think  alike,"  said  Dick 
Homespun,  "  for,  if  we  did,  every  body  would  think  my  gal,  Sukey 
Snipes,  the  sweetest  creature  in  all  creation,  and  they  would  all  be 
trying  to  court  her  at  once." 

I  never  could  succeed  as  a  merchant.  I  have  tried  it  unsuccess 
fully  several  times.  I  never  could  be  content  with  a  fixed  salary,  for 
mine  is  a  purely  speculative  disposition,  while  others  are  just  the  re 
verse,  and  therefore  all  should  be  careful  to  select  those  occupations 
that  suit  them  best. 

2d.  Let  your  pledged  word  ever  be  sacred. — Never  promise  to  do  a 
thing  without  performing  it  with  the  most  rigid  promptness.  Nothing 
is  more  valuable  to  a  man  in  business  than  the  name  of  always  doing 
as  he  agrees,  and  that  to  the  moment.  A  strict  adherence  to  this 
rule  gives  a  man  the  command  of  half  the  spare  funds  within  the 
range  of  his  acquaintance,  and  always  encircles  him  with  a  host  of 
friends,  who  may  be  depended  upon  in  almost  any  conceivable 
emergency. 

3d.  Whatever  you  do,  do  with  all  your  might. — Work  at  it,  if  neces 
sary,  early  and  late,  in  season  and  out  of  season,  not  leaving  a  stone 
unturned,  and  never  deferring  for  a  single  hour  that  which  can  just 
as  well  be  done  now.  The  old  proverb  is  full  of  truth  and  meaning, 
"  Whatever  is  worth  doing  at  all,  is  worth  doing  well."  Many  a  man 
acquires  a  fortune  by  doing  his  business  thoroughly,  while  his  neigh 
bor  remains  poor  for  life,  because  he  only  half  does  his  business. 
Ambition,  energy,  industry,  and  perseverance,  are  indispensable  re 
quisites  for  success  in  business. 

4th.  Sobriety.  Use  no  description  of  intoxicating  drinks. — As  no 
man  can  succeed  in  business  unless  he  has  a  brain  to  enable  him  to 


LETTERS   AND    MISCELLANIES.  305 

lay  his  plans,  and  reason  to  guide  him  in  their  execution,  so,  no  mat 
ter  how  bountifully  a  man  may  be  blessed  with  intelligence,  if  his 
brain  is  muddled,  and  his  judgment  warped  by  intoxicating  drinks, 
it  is  impossible  for  him  to  carry  on  business  successfully.  How  many 
good  opportunities  have  passed,  never  to  return,  while  a  man  was  sip 
ping  a  "  social  glass"  with  his  friend  !  How  many  a  foolish  bargain 
has  been  made  under  the  influence  of  the  nervine,  which  temporarily 
makes  its  victim  so  rich !  How  many  important  chances  have  been 
put  off  until  to-morrow,  and  thence  for  ever,  because  the  wine-cup 
has  thrown  the  system  into  a  state  of  lassitude,  neutralizing  the 
energies  so  essential  to  success  in  business.  The  use  of  intoxicating 
drinks  as  a  beverage  is  as  much  an  infatuation  as  the  smoking  of 
opium  by  the  Chinese,  and  the  former  is  quite  as  destructive  to  the 
success  of  the  business  man  as  the  latter. 

5th.  Let  hope  predominate,  but  be  not  too  visionary. — Many  persons 
are  alway  kept  poor,  because  they  are  too  visionary.  Every  project 
looks  to  them  like  certain  success,  and  therefore  they  keep  changing 
from  one  business  to  another,  always  in  hot  water,  and  always  "  under 
the  harrow."  The  plan  of  "  counting  the  chickens  before  they  are 
hatched,"  is  an  error  of  ancient  date,  but  it  does  not  seem  to  improve 
by  age. 

6th.  Do  not  scatter  your  powers. — Engage  in  one  kind  of  business 
only,  and  stick  to  it  faithfully  until  you  succeed,  or  until  you  con 
clude  to  abandon  it.  A  constant  hammering  on  one  nail  will  gene 
rally  drive  it  home  at  last,  so  that  it  cannot  be  clinched.  When  a  man's 
undivided  attention  is  centered  on  one  object,  his  mind  will  con 
tinually  be  suggesting  improvements  of  value,  which  would  escape 
him  if  his  brain  were  occupied  by  a  dozen  different  subjects  at  once. 
Many  a  fortune  has  slipped  through  men's  fingers  by  engaging  in  too 
many  occupations  at  once. 

7th.  Engage  proper  employees. — Never  employ  a  man  of  bad  habits, 
when  one  whose  habits  are  good  can  be  found  to  fill  his  situatfon.  I 
have  generally  been  extremely  fortunate  in  having  faithful  and  com 
petent  persons  to  fill  the  responsible  situations  in  my  business,  and 
a  man  can  scarcely  be  too  grateful  for  such  a  blessing.  When  you 
find  a  man  unfit  to  fill  his  station,  either  from  incapacity  or  pecu 
liarity  of  character,  or  disposition,  dispense  with  his  services,  and  d^ 
not  drag  out  a  miserable  existence  in  the  vain  attempt  to  change  his 
nature.  It  is  utterly  impossible  to  do  so.  "  You  cannot  make  a  silk 
purse,  &c.';  He  has  been  created  for  some  other  sphere ;  let  him  find 
and  fill  it. 

26* 


306  LETTERS    AND    MISCELLANIES. 

8th.  Advertise  your  business.  Do  not  hide  your  light  under  a  bushel. 
— Whatever  your  occupation  or  calling  may  be,  if  it  needs  support 
from  the  public,  advertise  it  thoroughly  and  efficiently,  in  some  shape 
or  other,  that  will  arrest  public  attention.  I  freely  confess  that  what 
success  I  have  had  in  life  may  fairly  be  attributed  more  to  the  public 
press  than  to  nearly  all  other  causes  combined.  There  may  possibly 
be  occupations  that  do  not  require  advertising,  but  I  cannot  well  con 
ceive  what  they  are.  Men  in  business  will  sometimes  tell  you  that 
they  have  tried  advertising,  and  that  it  did  not  pay.  This  is  only 
when  advertising  is  done  sparingly  and  grudgingly.  Homoeopathic 
doses  of  advertising  will  not  pay,  perhaps — it  is  like  half  a  potion  of 
physic — making  the  patient  sick,  but  effecting  nothing.  Administer 
liberally,  and  the  cure  will  be  sure  and  permanent.  Some  say  "  they 
cannot  afford  to  advertise  ;"  they  mistake — they  cannot  afford  not  to 
advertise.  In  this  country,  where  every  body  reads  the  newspapers, 
the  man  must  have  a  thick  skull  who  does  not  see  that  these  are  the 
cheapest  and  best  medium  through  which  he  can  speak  to  the  public, 
where  he  is  to  find  his  customers.  Put  on  the  appearance  of  business, 
and  generally  the  reality  will  follow.  The  farmer  plants  his  seed, 
and  while  he  is  sleeping  his  corn  and  potatoes  are  growing.  So  with 
advertising.  While  you  are  sleeping  or  eating,  or  conversing  with 
one  set  of  customers,  your  advertisement  is  being  read  by  hundreds 
and  thousands  of  persons  who  never  saw  you,  nor  heard  of  your  busi 
ness,  and  never  would,  had  it  not  been  for  your  advertisement  appear 
ing  in  the  newspapers.  The  business  men  of  this  country  do  not,  as 
a  general  thing,  begin  to  appreciate  the  advantages  of  advertising 
thoroughly.  Occasionally  the  public  are  aroused  at  witnessing  the 
success  of  a  Swaim,  a  Brandreth,  a  Townsend,  a  Genin,  or  a  Root, 
and  express  astonishment  at  the  rapidity  with  which  these  gentlemen 
acquire  fortunes,  not  reflecting  that  the  same  path  is  open  to  all  who 
dare  pursue  it.  But  it  needs  nerve  and  faitli — the  former  to  enable 
you  to* launch  out  thousands  oh  the  uncertain  waters  of  the  future  ; 
the  latter  to  teach  you  that,  after  many  days,  it  shall  surely  return, 
bringing  an  hundred  or  a  thousand  fold  to  him  who  appreciates  the 
advantages  of  printers'  ink,  properly  applied. 

9th.  Avoid  extravagance ;  and  always  live  considerably  within  your 
income,  if  you  can  do  so  without  absolute  starvation! — It  needs  no 
prophet  to  tell  us  that  those  who  live  fully  up  to  their  means,  without 
any  thought  of  a  reverse  in  life,  can  never  attain  a  pecuniary  inde 
pendence.  A  brief  reference  to  my  own  history  may,  perhaps,  serve 
to  illustrate  this  part  of  the  subject.  By  the  death  of  my  father  in 


LETTERS   AND    MISCELLANIES.  307 

1826,  I  was  thrown  upon  the  world  at  the  age  of  sixteen,  dependent 
solely  upon  my  own  resources  for  support.  I  never  found  any  diffi 
culty  in  making  money,  but  the  thought  did  not  occur  to  me  (during 
fifteen  years),  of  trying  to  save.  At  one  time,  when  lotteries  were 
lawful  in  my  native  State  (Connecticut,)  I  was  extensively  engaged 
in  the  sale  of  tickets,  and  my  profits  were  enormous,  sometimes  as 
high  as  five  hundred  dollars  per  day — but  I  thought  very  little  of 
trying  to  lay  up  money ;  I  could  always  easily  manage  to  expend 
my  income,  let  it  be  ever  so  great. 

In  1841,  I  purchased  the  American  Museum  in  New  York,  without 
a  dollar,  for  I  was  not  worth  a  dollar  in  the  world.  But  I  was  never 
disheartened  ;  I  always  felt  that  I  could  make  money  fast  enough,  if 
I  only  set  my  mind  to  it.  I  remember  meeting  a  friend  in  Broadway 
a  few  weeks  before  I  came  in  possession  of  the  Museum. 

"  Well,"  says  I,  "  Mr.  A.,  I  am  going  to  buy  the  American  Mu 
seum/' 

"  Buy  it !"  says  he,  for  he  knew  I  had  no  property.  "  What  do 
you  intend  buying  it  with  ?" 

"  Brass,"  I  replied,  "  for  silver  and  gold  I  have  none." 

It  was  even  so.  Every  body  who  had  any  connection  with  theatrical, 
circus,  or  exhibition  business,  from  Edmund  Simpson,  manager  of  the 
Old  Park  Theatre,  or  Wm.  Niblo,  down  to  the  most  humble  puppet- 
showman  of  the  day,  knew  me  perfectly  well.  Mr.  Francis  Olmsted, 
the  owner  of  the  Museum  building  (now  deceased),  a  noble,  whole- 
souled  man  as  one  often  meets  with,  having  consulted  my  references, 
who  all  concurred  in  telling  him  that  I  was  a  "  good  showman,  and 
would  do  as  I  agreed,"  accepted  my  proposition  to  give  security  for 
me  in  the  purchase  of  the  Museum  collection,  he  appointing  a  money- 
taker  at  the  door,  and  crediting  me,  towards  the  purchase,  all  the 
money  received  after  paying  expenses,  allowing  me  fifty  dollars  per 
month,  on  which  to  support  my  family,  consisting  of  a  wife  and 
three  children.  This  was  my  own  proposition,  as  I  was  determined 
so  to  live,  that  six  hundred  dollars  per  annum  should  defray  all  the 
expenses  of  my  family  until  I  had  paid  for  the  Museum ;  and  my 
treasure  of  a  wife  (and  such  a  wife  is  a  "  treasure")  gladly  assented 
to  the  arrangement,  and  expressed  her  willingness  to  cut  the  expenses 
down  to  §400  per  annum  if  necessary.  One  day,  some  six  months 
after  I  had  purchased  the  Museum,  my  friend  Mr.  Olmsted  happened 
in  at  my  ticket-office,  at  about  12  o'clock,  and  found  me  alone,  eating 
my  dinner,  which  consisted  of  a  few  slices  of  corned  beef  and  bread 
that  I  had  brought  from  home  in  the  morning. 


305.  LETTERS    AND    MISCELLANIES. 

"Is  this  the  way  you  eat  your  dinner?"  he  inquired. 

"  I  have  not  eaten  a  warm  dinner  since  I  bought  the  Museum,  ex 
cept  on  the  Sabbath,"  I  replied,  "  and  I  intend  never  to  eat  another 
on  a  week  day,  until  I  get  out  of  debt." 

"  Ah !  you  are  safe,  and  will  pay  for  the  Museum  before  the  year 
is  out,"  he  replied,  slapping  me  familiarly  on  the  shoulder,  and  he 
was  right,  for  in  less  than  a  year  from  that  period  I  was  in  full  pos 
session  of  the  Museum  as  my  own  property,  every  cent  paid  out  of 
the  profits  of  the  establishment.  Had  I  been  less  economical,  and 
less  determined,  my  expenses  would  have  kept  pace  with  my  income  ; 
I  should  have  lost  much  valuable  time  in  going  home  every  day  to 
my  dinner  ;  and  my  present  situation  would  probably  have  been  very 
different  from  what  it  is. 

Men  and  women,  accustomed  to  gratify  every  whim  and  caprice, 
will  find  it  hard  at  first  to  cut  down  their  various  unnecessary  ex 
penses,  and  will  feel  it  a  great  self-denial  to  live  in  a  smaller  house 
than  they  have  been  accustomed  to,  with  less  expensive  furniture, 
less  company,  less  costly  clothing,  a  less  number  of  balls,  parties, 
theatre-goings,  carriage-ridings,  pleasure  excursions,  cigar -smokings, 
liquor-drinkings,  &c.  &c.  &c. ;  but,  after  all,  if  they  will  try  the  plan 
of  laying  by  a  "  nest-egg,"  or,  in  other  words,  a  small  sum  of  money, 
after  paying  all  expenses,  they  will  be  surprised  at  the  pleasure  to  be 
derived  from  constantly  adding  to  their  little  "  pile,"  as  well  as  from 
all  the  economical  habits  which  follow  in  the  pursuit  of  this  peculiar 
pleasure.  The  old  suit  of  clothes,  and  the  old  bonnet  and  dress,  will 
answer  for  another  season  ;  the  Croton  or  spring  water  "will  taste 
better  than  champagne  ;  a  brisk  walk  will  prove  more  exhilarating 
tkan  a  ride  in  the  finest  coach  ;  a  social  family  chat,  an  evening's 
reading  in  the  family  circle,  or  an  hour's  play  of  "hunt  the  slipper," 
and  "  blind  man's  buff,"  will  be  far  more  pleasant  than  a  fifty  or  a 
five  hundred  dollar  party,  when  the  reflection  on  the  difference  in  cost 
is  indulged  in,  by  those  who  begin  to  know  the  pleasure  of  saving. 

Thousands  of  men  are  kept  poor,  and  tens  of  thousands  are  made 
so  after  they  have  acquired  quite  sufficient  to  support  them  well 
through  life,  in  consequence  of  laying  their  plans  of  living  on  too  ex 
pensive  a  platform.  Some  families  in  this  country  expend  $20,000 
per  annum,  and  some  much  more,  and  would  scarcely  know  how  to 
live  on  a  smaller  sum.  Prosperity  is  a  more  severe  ordeal  than  ad 
versity,  especially  sudlen  prosperity.  "  Easy  come,  easy  go,"  is  an 
old  and  true  proverb.  Pride,  when  permitted  full  sway,  is  the  great 
undying  canker-worm  which  gnaws  the  very  vitals  of  a  man's  worldly 


LETTERS  AND  MISCELLANIES.  309 

j.ossessions,  let  them  be  small  or  great,  hundreds  or  millions.  Many 
persons,  as  they  begin  to  prosper,  immediately  commence  expending 
for  luxuries,  until  in  a  short  time  their  expenses  swallow  up  their 
income,  and  they  become  ruined  in  their  ridiculous  attempts  to  keep 
up  appearances,  and  make  a  "  sensation." 

I  know  a  gentleman  of  fortune,  who  says  that,  when  he  first  began 
to  prosper,  his  wife  would  have  a  new  and  elegant  sofa.  "  That  sofa,'7 
he  says,  "  cost  me  thirty  thousand  dollars !"  The  riddle  is  thus  ex 
plained.  When  the  sofa  reached  the  house,  it  was  found  necessary 
to  get  chairs  "  to  match,"  then  sideboards,  carpets,  and  tables,  "  to 
correspond"  with  them,  and  so  on  through  the  entire  stock  of  furni 
ture,  when  at  last  it  was  found  that  the  house  itself  was  quite  too 
small  and  old-fashioned  for  the  furniture,  and  a  new  one  was  built 
"to  correspond"  with  the  sofa  and  et  ceteras  ;  "thus,"  added  my 
friend,  "  running  up  an  outlay  of  $30,000  caused  by  that  single  sofa, 
and  saddling  on  me,  in  the  shape  of  servants,  equipage,  and  the  ne 
cessary  expenses  attendant  on  keeping  up  a  fine  '  establishment/  a 
yearly  outlay  of  eleven  thousand  dollars,  and  a  tight  pinch  at  that ; 
whereas  ten  years  ago,  we  lived  with  much  more  real  comfort,  be 
cause  with  much  less  care,  on  as  many  hundreds.  The  truth  is,"  he 
continued,  "  that  sofa  would  have  brought  me  to  inevitable  bank 
ruptcy,  had  not  a  most  unexampled  tide  of  prosperity  kept  me 
above  it." 

10th.  Do  not  depend  upon  others. — Your  success  must  depend  upon 
your  own  individual  exertions.  Trust  not  to  the  assistance  of  friends, 
but  learn  that  every  man  must  be  the  architect  of  his  own  fortune  ; 
and  with  proper  attention  to  the  foregoing  rules,  and  such  observa 
tions  as  a  man  of  sense  will  pick  up  in  his  own  experience,  the  road 
to  competence  will  not,  I  think,  usually  be  found  a  difficult  one. 

P.  T.  BARNUM. 

BRIDGEPORT,  CONN.,  June  28,  1852. 


A  REQUEST  TO  THE  READER. 

I  WILL  be  greatly  indebted,  and  make  due  acknowledgments  to  all 
who  will  favor  me  with  any  facts  in  their  possession,  derived,  from 
their  experience  or  observation,  not  to  be  found  in  books,  that  will 
enhance  the  interest  and  usefulness  of  this  book.  I  should  like  to 
have  a  large  number  of  letters  for  insertion,  under  the  head  of  "  Let 
ters  and  Miscellanies,"  with  the  names  of  the  writers  to  be  appended 


310  A   REQUEST    TO    THE    READER.. 

or  without  them- — with  a  mention  of  their  business,  and  thus  make  it 
of  pecuniary  benefit  to  them,  or  without  it,  as  they  choose.  There  is 
not  one  man  in  a  million  whose  experience  would  fill  a  book  or  a 
pamphlet,  that  would  be  worth  the  reading ;  but,  I  believe  that  one 
out  of  every  five  has  some  fact — some  peculiar  incident  of  history — 
some  anecdote  illustrative  of  a  principle,  or  giving  an  insight  into 
human  nature — some  adventure  that  caused  trouble  or  loss  through  a 
neglect  that  others  should  be  warned  against — some  thought,  opinion, 
or  fact,  that  would  be  interesting  and  important  for  all  to  know.  In 
conversation  we  frequently  hear  them  detailed,  and  this  is  an  excel 
lent  opportunity  to  collect  them  together.  By  united  co-operation  we 
can  make  the  most  interesting,  and,  perhaps,  really  useful  book  that 
has  been  published  lately.  On  the  subject  of  failures  in  business,  I 
have  no  doubt  that  a  great  many  valuable  facts  could  be  elicited,  if 
we  knew  where  to  apply. 

•  I  beg  leave  to  state,  that  it  is  not  general  rules,  nor  general  advice 
that  we  now  want — for  Franklin,  McDonogh,  Grigg,  and  Barnum  have, 
perhaps,  exhausted  the  subject — but  it  is  a  condensed  statement  of 
special  facts  as  they  occurred  in  the  course  of  an  individual's  business 
experience,  with  the  important  lesson  they  taught  him  ;  as,  for  in 
stance,  "  At  such  a  time  I  neglected  so  and  so,  and  the  consequence 
was,  I  involved  myself  in  trouble  and  lost  money :  At  another  time,  I 
managed  thus,  and  made  money,  or  recovered  a  doubtful  debt/7  &c. 
I  respectfully  solicit  from  a  few  of  those  who  are  known  as  first-rate 
salesmen,  an  analysis  of  the  mode  by  which  they  appreciate  character 
so  quickly,  and  accommodate  themselves  thereto,  and  will  guarantee 
them  against  all  harm  in  revealing  secrets,  or  danger  that  the  world 
will  ever  become  too  wise.  I  also  assure  them  that  the  few  who  are 
continually  on  the  watch  for  information,  and  have  the  sense  to  take 
advantage  of  hints,  are  worth  all  the  trouble. 

Have  the  kindness  to  mention  this  to  your  friends,  and  may  pros 
perity  attend  you  I 


LEGAL    ADVICE 


AND 


USEFUL    SUGGESTIONS 


PURCHASERS    OF    THIS    BOOK. 


311 


LEGAL  ADVICE  AND  USEFUL  SUGGESTIONS. 


As  the  public  has  been  disposed  to  treat  this  book  with  unmer 
ited  kindness — two  editions  having  been  sold  in  a  few  weeks,  and 
a  third  called  for — I  feel  under  obligations  to  make  it,  if  possible, 
a  profitable  investment  to  all  who  purchase  it;  and  I  have  thought 
that  some  LEGAL  ADVICE,  in  matters  of  daily  concern,  would  be 
acceptable  to  all  and  useful  to  many.  Though  not  a  lawyer  by 
profession,  I  had  the  advantage  some  years  ago,  of  "  delving  in 
its  mines/'  at  the  law  school  of  Harvard  University,  and  I  give 
these  remarks  and  advice  as  the  teachings  of  Simon  Greenleaf, 
late  Royal  Professor  of  Law  at  that  institution. 

The  starting-point  of  the  majority  who  engage  in  business,  is  the 
situation  of  Clerk  or  Agent ;  and  we  commence  with  some  remarks 
applicable  to  the  relation  of 

AGENCY. 

It  is  a  general  rule  of  law,  that  whenever  a  person  has  power  to  do 
a  thing,  he  may  consequently,  as  incident  to  his  right,  do  it  by 
attorney  or  agent. 

If  a  person  be  appointed  a  general  agent,  as  in  the  case  of  a  factor 
for  a  merchant  residing  abroad,  the  principal  is  bound  by  all  his  acts  : 
but  an  agent  constituted  for  a  particular  purpose,  and  under  a  limited 
and  circumscribed  power,  cannot  bind  the  principal  by  any  act  ex 
ceeding  his  authority. 

Every  general  power  necessarily  implies  the  grant  of  every  matter 
necessary  to  its  complete  execution.  An  attorney  who  has  power  to 
convey  land  has  necessarily  the  power  to  receive  the  purchase- 
money. 

27  (313) 


314  LEGAL    ADVICE. 

In  the  appointment  of  a  general  agent,  as  he  is  bound  by  all  his  acts, 
a  man  should  take  particular  care  .whom  he  authorizes,  or  it  may  be 
of  the  most  fatal  consequence  to  him.  If  a  person  on  a  former  occa 
sion,  in  the  principal's  absence,  usually  accepted  bills  for  him,  and 
the  latter  on  his  return  approved  thereof,  he  would  be  bound  in  a 
similar  situation  on  a  second  absence  from  home  ;  and  it  has  been 
held  that  if  a  person  usually  subscribes  an  instrument  with  the  name 
of  another,  proof  of  his  having  done  so  in  many  instances,  is  sufficient 
to  charge  him  whose  name  is  subscribed  without  producing  any 
power  of  attorney. 

When  a  clerk  who  has  been  empowered  to  draw  or  accept  the  bills 
of  exchange  in  his  employer's  name,  leaves  his  service,  it  is  always 
prudent  in  the  latter  to  give  express  notice  of  such  facts  to  all  his  cor 
respondents  individually,  for  he  may  be  bound  by  the  acts  of  such 
clerk  subsequently  to  leaving  his  service.  A  general  notice  in  a 
newspaper  is  not  sufficient  to  affect  a  former  customer,  unless  he  had 
express  notice  thereof. 

When  an  agent  has  deviated  from  his  orders,  and  you  do  not  intend 
to  assent  to  it,  give  immediate  notice  of  your  dissent. — Silence  is  con 
sidered  in  law  an  equivalent  to  a  ratification. 

Be  cautious  in  sanctioning  acts  unauthorized  by  you,  even  if  they  are 
apparently  insignificant  or  to  your  advantage. — Permitting  a  man  to 
act  as  agent,  and  repeatedly  adopting  such  acts,  confers  an  implied 
authority  upon  the  supposed  agent,  and  gives  the  public  a  right  to 
suppose  him  clothed  with  authority. 

To  agents  we  say  :  1.  Never  employ  the  funds  of  your  principal, 
either  his  property  or  credit  in  your  own  behalf,  for  you  expose  yourself  if 
the  adventure  is  a  losing  one  to  bear  the  loss,  and  if  a  gaining  one  to  lose 
the  profit.  It  is  optional  with  the  principal  to  disavow  such  transac 
tions  of  agents,  or  to  claim  the  benefit  of  them.  It  is  also  a  general 
principle  of  law,  that  if  the  agent  attempt  to  buy  the  goods  he  has 
on  sale  for  his  principal,  without  the  express  consent  of  the  latter, 
after  full  knowledge,  the  latter  may  at  his  election  either  hold  him 
to  the  bargain  as  purchaser,  or  refuse  it  and  hold  him  to  account  for 
any  greater  price  or  value  which  has  been  or  can  be  obtained  for  it 
at  the  same  time. 

2.  Always  disclose  your  character  as  agent. — If  this  be  not  done, 
a  person  with  whom  you  deal  has  the  right  to  hold  you  as  the  actual 
party  ;  and  has  also  the  right,  on  discovering  your  principal,  to  resort 
directly  to  him.     Yourself  and  principal  are  both  bound. 

3.  Be  careful,  in  signing  obligations  as  agent,  not  to  iise  language  im- 


LEGAL   ADVICE  315 

porting  personal  obligation  on  your  part. — The  mere  use  of  the  word 
"  Agent,"  will  not  relieve  from  personal  responsibility,  unless  the 
principal's  name  appear  on  the*  face  of  the  paper.  The  agent 
should  always  in  his  own  signature,  express  both  the  principal's  name 
and  his  own. 

4.  Verbal  communication  is  in  most  cases  valid  authority  for  the 
appointment  of  an  agent,  but  he  should  in  all  cases  demand  some 
written  evidence  of  his  authority,  as  he  is  always  responsible,  that  he 
is  authorized  to  do  such  acts  as  he  professes   to  execute.     An  agent 
who  acts  without  or  be}rond  his  authority,  binds  himself  and  not  his 
principal.     There  should  be  two  parts  of  a  power  of  attorney — one 
kept  by  the  person  to  whom  it  is  given,  the  other  kept  by  the  person 
interested. 

5.  Where  the  authority  is  not  discretionary,  obey  orders  strictly  what 
ever  may  be  the  consequence  to  your  principal.     For  a  deviation  from 
orders  there  is  no  excuse.     If  goods  be  consigned   to  sell  on  arrival, 
the  agent  must  sell  on  the  first  opportunity,  and  cannot  wait  for  a 
change  in  the  market,   whatever  may  be  his  knowledge  or  desire 
to  benefit  his  principal.     By  saying,  however,  that  he  must  sell  at 
the  first  opportunity,  is  not  meant  that  he  must  close  with  the  first 
offer,  be  it  what  it  may ;  but  it  is  meant  that  the  agent  must  not  in 
such  case  attempt  to  wait  any  change  of  times,  but  must  make  the 
sale  without  delay,  at  the  best  price,  and  on  the  best  terms   he  can 
then  do. 

6.  "Where  the  language  of  your  principal  is  obscure,  ambiguous,  or 
contradictory,  construe  it  strictly  ;  that  is,  do  not  infer  that  it  contains 
more  than  it  clearly  implies.     If  you  err  by  strict  construction,  you 
are  on  the  safe  side,  and  not  exposed  to  exceed  your  power. 

7.  Always  keep  your  principal  constantly  instructed  as  to  your  pro 
ceedings.     The  duty  of  keeping  up  correspondence   is   considered  in 
law  a  part  of  the  reasonable  diligence  due  the  principal,  for  the  con 
sequences  of  a  want  of  which  the  agent  must  suffer ;  but  aside  from 
law,  it  is  a  duty  which  the  agent  owes  to  himself  as  a  true  man  of 
business.     There  are  few  things   more  annoying  than  not  to  receive 
advices  concerning  matters  in  which  one  is  interested,  and  not  to  re 
ceive  prompt  answers  to  letters  is  a  downright  insult.     A  neglect  of 
business  correspondence  is  prima  facie  evidence  of  incapacity. 

In  dealing  with  an  agent,  always  demand  satisfactory  evidence  of  his 
authority  to  act  for  his  principal.  By  a  neglect  of  this — as  the  act  of 
an  agent  who  exceeds  his  authority  does  not  bind  his  principal — vour 
contract  may  be  an  invalid  one. 


316  AN7D    USEFUL    .SUGGESTIONS. 

BILLS  OF  EXCHANGE  AND  PROMISSORY  NOTES. 

Bills  of  Exchange  arc  either  foreign  or  inland.  They  are  foreign 
•when  drawn  by  a  person  residing  in  one  country  upon  a  person  re 
siding  in  another ;  as  where  a  bill  is  drawn  in  Philadelphia  upon  a 
merchant  residing  in  Liverpool ;  and  inland,  when  both  the  drawer 
and  the  drawee  reside  within  the  same  State  or  kingdom.  The  latter 
are  usually  called  drafts. 

A  Promissory  Note  is  defined  to  be  a  direct  engagement  in  writing 
to  pay  a  sum  specified,  at  a  time  therein  limited,  or  on  demand,  to  a 
person  therein  named,  or  his  order,  or  to  the  bearer. 

Checks  nearly  resemble  bills  of  exchange,  and  differ  from  them  in 
this  respect,  that  they  are  mostly  made  payable  to  bearer,  and  should 
be  drawn  upon  regular  bankers. 

Bills  of  exchange  and  negotiable  promissory  notes  are  distinguished 
from  all  other  par<51  contracts,  by  the  circumstance  that  they  are 
prima  facie  evidence  of  valuable  consideration,  both  between  the  ori 
ginal  parties  and  against  third  persons. 

In  an  action  by  the  bonafide  holder  of  a  negotiable  note,  received 
before  due,  against  the  maker,  the  consideration  cannot  be  inquired 
into,  if  the  instrument  be  not  in  its  creation  void. 

The  holder  of  a  bank  check  is  prima  facie  the  rightful  owner,  and 
is  not  bound  to  prove  a  consideration  unless  circumstances  of  suspi 
cion  appear. 

Whenever  the  holder  of  negotiable  paper  has  notice,  either  posi 
tively  or  constructively,  of  any  equity  subsisting  between  the  original 
parties,  he  takes  it  subject  to  such  equity. 

The  parties  concerned  in  a  draft  or  bill  of  exchange  are  the  drawer, 
or  the  party  who  draws  the  bill ;  the  drawee,  or  the  party  on  whom  it 
is  drawn  ;  and  the  payee,  or  party  in  whose  favor  it  is  drawn.  When 
the  drawee  has  accepted  the  bill  he  becomes  the  acceptor.  When  the 
payee  assigns  his  right,  by  writing  his  name  on  the  back,  he  becomes 
an  indorser. 

Indorsements  are  made  either  in  blank,  in  full,  or  restrictive.  An 
indorsement  in  blank  is  by  far  the  most  common,  and  is  made  by  the 
mere  writing  of  the  indorsees  name  on  the  back  of  the  bill,  without 
any  mention  of  the  name  of  the  person  in  whose  favor  the  indorse 
ment  is  made.  A  blank  indorsement  makes  a  bill  transferable  to 
the  indorsee  by  mere  delivery  ;  and  its  negotiability  by  that  method 
cannot  be  restrained  by  any  subsequent  indorsement  in  full,  because 


AND   USEFUL    SUGGESTIONS.  317 

the  holder,  by  delivery,  may  consider  himself  as  the  indorsee  of  the 
payee,  and  strike  out  all  the  subsequent  indorsements,  -whether 
special  or  not. 

An  indorsement  in  full  is  so  called,  because  the  indorser  expresses 
therein  in  whose  favor  he  makes  the  indorsement ;  as,  "  pay  the  con 
tents  to  A.  B.  or  order." 

A  restrictive  indorsement  gives  a  bare  authority  to  receive  the 
money,  without  power  of  transfer  ;  as  "  pay  to  A,  for  my  use,"  or  to 
"  J.  S.  only." 

In  drawing  a  bill  or  note,  attention  should  be  paid  to  the  following 
matters  :  1.  That  it  be  properly  dated.  2.  That  the  time  of  pay 
ment  be  clearly  expressed.  3.  That  it  contain  an  order,  at  least  a 
request  to  pay.  4.  That  in  case  of  a  foreign  bill,  drawn  in  sets,  each 
set  contain  a  proviso  that  it  shall  be  payable  only  in  case  the  others 
are  not  paid.  5.  That  it  be  clearly  expressed  to  whom  the  bill  is  pay 
able.  6.  That  where  the  instrument  is  intended  to  be  negotiated, 
words  of  transfer  be  inserted.  7.  That  the  money  to  be  paid  be  dis 
tinctly  and  intelligibly  expressed.  8.  That  in  certain  cases  "  value 
received/'  be  inserted.  9.  That  the  drawer's  name  be  clearly  signed. 
10.  That  the  bill  be  properly  addressed  to  the  drawee.  11.  That 
where  the  bill  is  to  be  paid  at  a  certain  place,  that  place  be  properly 
described. 

I.  Where  there  is  danger  of  loss,  have  the  bill,  note,  or  check  made 
payable  "  to  order  ;"  and  in  such  cases,  it  is  advisable  for  the  indorser 
to  Jill  up  blank  indorsements,  so  as  to  make  it  an  indorsement  in  full. — 
If  the  holder  of  a  foreign  or  inland  bill  of  exchange,  check,  &c.,  trans 
ferable  by  mere  delivery,  lose  or  be  robbed  of  it,  while  in  Iris  pos 
session,  and  it  get  into  the  hands  of  a  person  who  was  not  aware  of 
the  loss,  for  a  sufficient  consideration,  previously  to  its  being  due, 
such  person,  notwithstanding  he  derived  his  interest  in  the  bill,  &c., 
from  the  person  who  found  or  stole  it,  may  maintain  an  action  against 
the  acceptor,  or  other  parties,  and  the  original  holder,  who  lost  it, 
will  forfeit  all  right  of  action  ;  and,  if  a  person  who  has  not  given  a 
consideration  for  a  lost  or  stolen  bill,  transferable  by  mere  delivery, 
presents  it  .to  the  drawee,  at  the  time  it  is  due,  and  he  pay  it  before 
lie  has  notice  of  the  loss  or  robbery,  such  drawee  will  not,  in  general, 
be  liable  to  pay  it  over  again  to  the  real  owner.  (CHITTY  on  Bills,  171.) 

But,  where  a  bill  is  assignable,  by  indorsement,  no  interest  can  be 
conveyed,  otherwise  than  by  that  act ;  and  a  person  getting  posses 
sion  of  it,  by  a  forged  indorsement,  will  not  acquire  any  interest  in. 
it,  although  he  was  not  aware  of  the  forgerv.  Consequently,  the  ori- 

27* 


318  LEGAL   ADVICE 

ginal  holder,  when  he  has  regained  possession  of  the  bill,  can  recover 
against  the  acceptor  and  drawer,  although  the  acceptor  may  have 
paid  the  bill. 

If  the  bona  fide  owner  of  a  bank  note  cut  it  into  two  parts,  and 
send  the  parts  in  different  letters,  and  one  of  them  be  stolen  or  lost, 
he  may  recover  the  whole  amount  from  the  bank,  on  producing  the 
other ;  and,  a  notice  by  the  bank,  that  notes  voluntarily  cut  by  the 
owner,  would  not  be  paid  unless  all  the  parts  should  be  brought  to 
gether,  does  not  alter  the  law,  although  the  notice  was  seen  by  the 
party  by  whom  the  notes  were  cut.  (Martin  vs.  U.  S.  Bank.} 

No  person  should  refuse  to  pay  a  bill  which  he  has  accepted  to  the 
loser,  on  the  ground  of  its  having  been  lost,  if  he  has  sufficient  secu 
rity  and  indemnification  offered  to  him  ;  and  a  court  of  equity  has 
jurisdiction  to  enforce  payment  of  the  amount  of  a  negotiable  note  so 
lost,  upon  sufficient  indemnity  being  given. 

It  is  said  that  if  one  part  of  a  foreign  bill  of  exchange,  drawn  in 
sets,  be  lost  by  the  drawee,  or  be  by  him  given  to  a  wrong  person  ;  or 
if,  by  any  other  means,  the  holder  cannot  have  a  return  of  the  bill, 
either  accepted  or  not  accepted,  the  drawee  must  give  to  the  holder, 
or  to  his  order,  a  promissory  note  for  payment  of  the  amount  of  the 
bill,  on  the  day  it  becomes  due,  on  delivery  of  the  second  part,  if  it 
arrive  in  time,  or  if  not.  upon  the  note  ;  and  if  the  acceptor  refuse  to 
give  the  note,  the  holder  must  demand  the  money,  though  he  have 
neither  note  nor  bill ;  and  if  payment  be  refused,  a  protest  must  be 
regularly  made  for  non-payment.  (BuL.  Nisi  Pri.  271.) 

In  all  cases,  if  a  bill  of  exchange  be  lost,  and  a  new  one  cannot  be 
had  from  the  drawer,  a  protest  may  be  had  on  a  copy. 

II.  Always  present  bills  for  acceptance  as  soon  as  possible;  and  pre 
sentment  should,  in  all  cases,  be  made  during  the  usual  hours  of  business. 
— It  is  clearly  established,  that  a  valid  acceptance  may  be  in  writing, 
on  the  bill  itself,  or  on  anotlier  paper,  as  by  a  letter  undertaking  to 
accept  bills  already  drawn,  or  it  may  be  verbal.  Where  a  bill,  pay 
able  after  sight,  is  accepted,  it  is  usual  and  proper,  also,  to  write  the 
day  on  which  the  acceptance  is  made. 

An  acceptance,  may  be  implied  as  well  as  expressed ;  and  it  may 
be  inferred,  from  the  drawee's  keeping  the  bill  a  great  length  of  time, 
or  by  any  other  act  which  gives  credit  to  the  bill,  and  induces  the 
holder  not  to  protest  it. 

A  verbal  or  wrritten  promise  to  accept  at  a  future  period  a  bill  al 
ready  drawn,  or  that  a  bill  then  drawn  shall  meet  due  honor,  or  a 
promise  of  the  same  nature,  as  "  leave  the  bill  and  I  will  accept  it," 


AND   USEFUL   SUGGESTIONS.  319 

amounts  to  a  complete  and  absolute  acceptance  in  the  hands  of  a 
bonafide  holder,  although  the  drawee  had  no  consideration  for  the  pro 
mise. 

The  holder  of  a  bill  is  not  bound  to  receive  an  acceptance,  which 
varies  in  any  respect  from  the  tenor  of  the  bill ;  but  if  he  do  receive 
a  partial  or  conditional  acceptance,  and  mean  to  avail  himself  of  the 
acceptance,  he  should  immediately  give  notice  to  the  other  parties  to 
the  bill  of  the  fact,  and  express  in  his  notice  the  nature  of  it. 

The  doctrine  is  well  established,  that  the  acceptor  is  bound  to  know 
the  hand-writing  of  the  drawer,  and  cannot  defend  himself  from  pay 
ment  by  a  subsequent  discovery  of  forgery.  (10  Wheat.  333.) 

If  acceptance  be  refused,  it  is  always  advisable  to  have  a  bill 
regularly  protested,  and  to  give  notice  to  the  parties  interested :  and  it 
is  advisable  for  each  party,  immediately  on  receipt  of  notice,  to  give  a 
fresh  notice  to  such  of  the  parties  who  are  liable  over  to  him,  and 
against  whom  he  must  prove  notice ;  and  the  notice  should  be  given 
by  an  agent  or  servant  who  will  be  competent  to  prove  it,  and  not  by 
the  holder  in  person. 

If  the  drawee,  on  presentment  of  a  bill  for  acceptance,  dishonor  it, 
wholly  or  partially,  the  holder  may  insist  upon  immediate  payment, 
by  the  parties  liable  to  him,  as  well  of  the  drawee  as  of  the  prior  in- 
dorsers,  or  in  default  thereof,  may  instantly  commence  an  action 
against  them.  (CHITTY  on  Bills,  244.) 

Where  a  foreign  bill  is  protested  for  non-acceptance,  or  for  better 
security,  any  person,  with  the  consent  of  the  holder,  may  accept  it  for 
the  honor  of  the  drawer,  or  any  of  the  indorsers ;  and  such  acceptance 
is  called  an  acceptance  supra  protest. 

The  method  of  accepting  supra  protest,  is  said  to  be  as  follows : 
The  acceptor  must  personally  appear  before  a  notary  public,  with  wit 
nesses,  and  declare  that  he  accepts  such  protested  bill  in  honor  of  the 
drawer  or  indorser,  and  that  he  will  satisfy  the  same  at  the  appointed 
time  ;  and  then  he  must  subscribe  the  bill,  with  his  own  hand,  thus  : 
"  Accepted  supra  protest  in  honor  of  J.  B. ;"  or,  as  is  more  usual, 
"  Accepts  S.  P."  (Bayl,  48.) 

III.  Never  make  any  alteration  even  of  the  most  trivial  character  in 
any  bill,  note,  due-bill,  or  check. — If  a  bill  be  altered  in  any  material 
respect,  as  for  instance  in  the  date  or  sum  without  the  consent  of  the 
drawer,  it  will  at  common  law  discharge  him  from  liability,  though  it 
may  afterwards  come  into  the  hands  of  an  indorsee  not  aware  of  the 
alteration,  and  if  it  be  altered  after  acceptance  or  indorsement  with 
out  the  acceptor's  or  indorsee's  consent,  such  alteration  will  have  tho 


820  LEGAL   AJ)VICE 

same  effect  as  to  their  liability.  The  effect  of  an  alteration  will  bo 
the  same,  although  the  day  of  payment  be  thereby  retarded.  But  an 
alteration  in  a  part  not  material,  as,  for  instance,  the  insertion  in  the 
acceptance  of  the  place  where  the  bill  is  to  be  presented  for  payment, 
will  not  discharge  the  acceptor.  It  is,  however,  advisable  never  to 
make  any  alteration  after  a  bill  has  been  executed,  for  it  might  pos 
sibly  subject  an  innocent  holder  or  negotiator  to  an  indictment  for 
forgery,  at  the  prosecution  of  a  fraudulent  or  vindictive  party.  If, 
upon  a  bill  being  presented  for  acceptance  the  drawee  alters  it  as  to 
the  time  of  payment  and  accepts  it  so  altered,  he  vacates  the  bill  as 
against  the  drawer  and  indorsers.  But  if  the  holder  acquiesce  in 
such  alteration  and  acceptance,  it  is  a  good  bill  as  between  him  and 
the  acceptor. 

IV.  Never  pay  drafts  or  checks  before  the  day  on  which  they  are 
dated. — Where  a  banker  paid  a  check  the  day  before  it  bore  date, 
which  check  had  been  lost  by  the  payee,  it  was  held  that  he  was  lia 
ble  to  pay  the  amount  to  the  loser,  it  being  proved  to  be  contrary 
to  the  usual  course  of  business  to  pay  drafts  before  the  day  on  which 
they  are  dated. 

The  entry  of  a  check  as  cash,  made  by  the  officer  of  a  bank  in  the 
private  bank-book  of  the  holder,  is  equivalent  to  a  payment.  If  a 
forged  check  be  credited  as  cash  in  the  bank-book  of  the  holder,  who, 
on  being  informed  of  the  forgery,  agrees  under  a  mistake  of  his 
right  that  if  the  check  be  really  a  forgery  it  is  no  deposit,  he  is  not 
Dound  by  his  agreement. 

V.  Never  take  a  note  or  bill  over  due  without  inquiring  into  the  reasons 
why  it  has  not  been  paid. — There  is  a  material  distinction  between  the 
transfer   made  before  a  bill  is    due,   and  one  made  after  that  time. 
In  the  first  case  it  is  said  the  transfer  carries  no  suspicion  on  the 
face  of  it,  but  when  a  transfer  of  a  bill  is  made  after  it  is  due,  whether 
by  indorsement  or  mere  delivery,  the  presumption  is  that  the  indorsee 
had  notice  of  the  circumstances  which  would  have  affected  the  validity 
of  the  bill  in  the  hands  of  the  person  who  was  holder  thereof  at  the 
time  it  became  due. 

VI.  Always  present  a  bill  or  note  for  payment  at  the  time  when  due, 
when  a  time  of  payment  is  specified  and  when  no  time  is  expressed, 
within  a  reasonable  time,  after  receipt  of  the  bill. — Even  the  bankruptcy, 
insolvency,  or  death  of  the  acceptor  of  a  bill,  or  the  maker  of  a  note, 
however  notorious,  will  not  excuse  the  neglect  to  make  due  present 
ment,  but  in  the  case  of  death  it  should  be  made  to  the  executor  or 


AND   USEFUL   SUGGESTIONS.  321 

administrator,  and  if  none  has  been  appointed,  at  the  house  of  the 
deceased,  otherwise  the  drawer  and  the  indorsers  will  be  discharged. 

It  is  advisable  always  to  present  checks  for  payment  the  same  day 
on  which  you  receive  them,  or,  at  farthest,  on  the  morning  of  the  next 
day,  unless  prevented  by  distance,  or  some  inevitable  cause  or  acci 
dent,  which  in  all  cases  will  excuse  the  neglect  to  make  presentment 
as  soon  as  it  would  otherwise  be  necessary.  (Kyd,  46.) 

The  presentment  for  payment  of  a  bill  should  be  made  within  the 
usual  hours  of  business,  and  the  holder  of  a  bill  is  not  bound  to  wait 
till  the  last  n^pment  of  the  last  day  of  grace  ;  for  the  undertaking  of 
the  acceptor  is  to  pay  the  bill  on  demand  on  any  part  of  the  last  day 
of  grace.  (4  Term  Rep.  173.) 

The  drawer  and  indorsers  of  a  bill  would  be  discharged  by  the 
holder's  taking  a  check  from  the  acceptor,  and  delivering  the  bill  to 
him,  in  case  the  check  be  not  paid  ;  but,  if  a  creditor,  on  any  other 
account  than  a  bill  of  exchange,  be  offered  cash  in  payment  of  his 
debt,  or  a  check  upon  a  banker  from  an  agent  of  his  debtor,  and  pre 
fer  the  latter,  this  does  not  discharge  the  debtor  if  the  check  be  dis 
honored,  although  the  agent  fail  with  a  balance  of  his  principal  in  his 
hands  to  a  much  larger  amount.  (2  Camp.  515.) 

If  you  wish  to  hold  the  drawer  and  indorsers  of  a  bill  on  non-pay 
ment  by  the  drawee,  do  not  agree  to  give  the  drawee  time,  or  take  a 
bond  or  any  security  payable  at  a  future  day,  without  the  assent  of 
the  other' parties  thereto,  for  that  would  discharge  them  from  liability, 
although  due  notice  had  been  given  of  its  non-payment.  Whenever 
a  new  credit  is  given  to  the  drawer,  the  holder  takes  it  upon  himself, 
and  the  drawer  is  discharged.  (1  Say,  177.)  Where  the  holder  of  a 
bill  of  exchange  discharges  a  party  who  is  liable  to  the  payment,  all 
other  parties  to  it,  whose  liability  is  subsequent  to  that  of  the  party 
discharged,  are  thereby  discharged  also.  (6  Mass.  85.) 

It  is  always  advisable  for  the  drawer  or  indorser  who  pays  a  bill  to 
take  a  receipt  in  the  holder's  own  handwriting — on  the  back  of  the 
bill  stating  by  whom  it  was  paid— for  the  legal  presumption  is  that  it 
was  paid  by  the  acceptor.  (2  Camp.  439.) 


GUARANTEE  AND  SURETYSHIP. 

A  guarantee  is  a  contract  whereby  one  man  obligates  himself  for  the 
acts  of  another  who  is  dealing  for  his  own  benefit.  As  consideration 
is  necessary  to  all  contracts  not  under  seal,  no  contract  of  suretyship 


$22  LEGAL   ADVICE 

is  valid  without  sufficient  consideration.  Where  the  guarantor's  prom 
ise  is  made  before  the  credit  is  given,  it  is  requisite  that  the  creditor 
give  trust  upon  the  faith  of  that  promise  ;  and  where  the  promise  is 
made  after  the  credit  has  been  given,  there  must  be  some  new  induce 
ment,  as  giving  longer  time  to  pay,  or  a  premium  for  the  guarantee 
to  make  it  binding  upon  the  guarantor.  Hence  our  advice  is, 

I.  Place  no  dependence  on  promises  of  guarantee  of  a  credit  already 
given,  unless  there  is  a  consideration  for  the  promise. — If  A  purchases 
goods  of  B,  and  I  promise  to  guarantee  the  debt,   it  is  not  binding 
upon  me  in  law  without  some  consideration,   no  matter  in  what  ex 
press  words  my  promise  was  made,   nor  what  the  fulness  of  proof  of 
the  promise  may  be.     The  only  exception  to  this  rule  is  where  the 
credit  was  originally  given  at  the  surety's  request,  though  without 
promise  of  guarantee,  and  he  afterwards  expressly  promises  to  become 
liable  for  it. 

II.  When  you  have  acted  upon  or  availed  yourself  of  the  guarantor's 
promise,  given  in  letters  of  credit  or  otherwise,  use  reasonable  diligence 
to  notify  him  of  your  acceptance  of  his  guarantee. — There  are  numerous 
instances  on  record  in  which  persons  have  been  most  egregiously 
deceived  by  a  neglect  of  this  precaution. — A  notice  to  the  surety  of 
acceptance  has,  in  many  cases,  been  considered  essential  to  the  valid 
ity  of  the  guarantee.     But  aside  from  this,  it  is  an  act  of  justice  to 
the  surety,   so  that  he  may  know  to  what  extent  he  is  bound,  and  be 
able  to  watch  over  his  debtor,  and  in  season  take  such  counter  secur 
ities  as  may  be  useful  to  him. 

III.  If  you  intend  to  rely  upon  a  guarantee,  do  not  be  satisfied  with 
any  thing  less  than  a  positive  promise  of  guarantee. — A  mere  declaration 
of  confidence  or  intentions,  however  favorable  to  the  debtor,  or  saying 
that  if  such  a  one  should  wish  to  purchase,  you  would  be  willing  to 
guarantee,   does  not  amount  to  a  guarantee.     A  promise  of  guarantee 
to  be  valid,  by  the  statute  laws  of  most  of  the  States,  must  be  in 
writing,  and  signed  by  the  surety. 

IV.  In  determining  contracts  of  suretyship,  always  adopt  a  strict  con 
struction,  that  is,  do  not  suppose  that  they  contain  any  thing  more  than  the 
words  plainly  and  clearly  express. — It  is  frequently  important  to  know 
whether  a  guarantee  be  a  temporary  or  a  continuing  one.     A  surety 
engages  to  become  responsible  for  another  to  the  amount  of  five  hun 
dred  dollars  :  Is  this  guarantee  terminated  after  that  amount  is  trusted, 
or  does  it  continue  as  long  as  that  amount,  credited  from  time  to  time, 
remains   unpaid?     The  rule   is   that  you   are  not  to  construe   any 
guarantee  to  be  a  continuing  one,  unless  it  be  so  in  express  terms,  or 


AND    USEFUL    SUGGESTIONS.  323 

by  necessary  implication.  If  a  guarantee  be  made  to  A,  B,  &  Co.,  foi 
the  payment  of  a  debt  or  the  faithful  behavior  of  a  clerk,  it  is  nol 
binding  upon  the  surety  in  the  hands  of  A  and  B  after  the  copart 
nership  of  A,  B,  &  Co.  has  been  dissolved.  Adopt  a  strict  construction. 

V.  Creditors    should   always   use  diligence  in    collecting  the  debi 
from  the  debtor,  and  should  be  especially  careful  that  they  do  not,  by 
giving  time  to  the  debtor,  or  releasing  his  debt,  or  destroying  any 
of  the  collateral  securities  they  may  have,  impair  the  right  of  irnme 
diate  redress  by  the  surety,  or  he  will  be  discharged. 

VI.  When,  as  surety,  yqu  take  a  bond  of  indemnity  as  counter  secu 
rity,  see  that  it  contains  two  stipulations — one  that  the  debtor  shall  pay 
or  perform  the  obligation  required,  and%another,  that  you  shall  be  indem 
nified   against   loss. — If  it  contain  only  the  indemnity,  and   not  the 
performance  clause,  it  cannot  be  made  available  until  after  you  have 
paid  the  suretyship  contract ;  but  if  it  contain  both  these  stipulations, 
you  can  proceed   against  the  debtor  as  soon  as  the  creditor  can  pro 
ceed  against  you. 

Amongst  the  most  common  forms  of  suretyship  are 


LETTERS  OF  CREDIT. 

Letters  of  credit  are  of  two  sorts,  general  and  special ;  and  both 
are  given  to  furnish  persons,,  when  travelling,  with  cash,  as  their 
occasions  may  require.  They  are  commonly  open  or  unsealed,  and 
contain  an  order  from  the  writer  to  his-  correspondent,  to  furnish  the 
bearer  with  a  certain  or  an  unlimited  sum.  The  difference  between 
them  is,  that  the  former  is  directed  to  the  writer's  friends  at  all  the 
places  where  the  traveller  may  come  ;  the  other  to  some  particular 
friend,  making  himself  responsible  for  the  payment  of  whatever 
moneys  shall  be  advanced,  in  compliance  with  the  credit  given  on 
producing  a  receipt  or  a  bill  of  exchange,  which  he  thinks  proper  to 
have  from  the  person  credited.  If  any  money  be  advanced  on  either 
species  of  these  letters,  and  bills  of  exchange  given  for  the  sum  on 
the  person  who  wrote  them,  he  is  obliged  to  accept  and  pay  the 
same.  As  the  giver  of  these  letters  is  thus  responsible  for  the  punc 
tual  repayment  of  the  money  advanced,  he  ought  to  be  very  cautious 
to  whom  he  gives  them,  as  in  the  hands  of  a  dishonest  person  they 
may  prove  his  ruin  ;  and,  as  the  person  who  requests  can  easily  cal 
culate  what  amount  of  cash  he  is  likely  to  want,  I  think  the  com 
pliment,  for  i*  can  be  nothing  else,  of  an  unbounded  credit,  should  be 


324  LEGAL   ADVICE 

excused,  being  really  of  no  service  either  to  him  that  pays  or  him 
that  receives  it.  Advice  by  post,  should  always  follow  a  letter  of 
credit,  and  a  duplicate  of  it  accompany  such  advice  ;  and  it  would 
be  prudent  therein  to  describe  the  bearer,  with  as  many  particulars 
as  may  be  requisite,  lest  he  should  lose  or  be  robbed  of  his  creden 
tials,  and  a  stranger  reap  the  benefit  of  them. 

These  letters  are  written  in  various  forms,  and  though  a  copy  may 
be  superfluous  to  most  persons,  yet  it  may  be  serviceable  to  some : — 

PHILADELPHIA,  August  25,  1852. 

SIR — This  is  to  accompany  Mr.  Asher  M.  Wright,  and  to  request 
you  will  furnish  him  with  two  hundred  pounds  sterling  (or  with  as 
much  cash  as  he  shall  require  of  you,  if  you  give  an  unlimited  credit)  ; 
for  which,  please  take  his  bills  on  me,  or  on  any  other  upon  whom 
he  shall  think  proper  to  draw  them  :  and  I  hereby  engage  for  their 
punctual  discharge,  and  remain,  Sir, 

Yours,  respectfully, 

ENOS  M.  JONES. 
To  Mr.  SAMUEL  F.  PRINCE, 
Merchant,  Liverpool. 

% 

In  a  case,  where  A  and  B  addressed  a  letter  of  credit  to'C,  saying : 
"  If  D  wishes  to  take  goods  from  you  on  credit,  we  are  willing  to  lend 
our  names  as  security  for  any  amount  he  may  wrish,"  and  D  took 
goods  from  C,  on  credit  several  times,  for  which  he  paid ;  but  about 
a  year  afterwards,  took  another  parcel  of  goods  on  credit,  for  which 
he  gave  his  note  to  C,  which  wras  not  paid  :  It  was  held  that  the  letter 
of  credit  did  not  extend  beyond  the  first  parcel  of  goods  delivered  to 
D,  and  that  A  and  B  were  not  liable  for  an  indefinite  time,  but  only 
for  an  indefinite  amount  for  one  time.  (8  Johns.  Rep.  119.) 

Where  a  person  gives  a  letter  of  credit  to  A,  addressed  to  B  &  Co., 
by  which  he  authorizes  A  to  draw  bills  to  a  certain  amount  on  B  & 
Co.,  and  B  &  Co.  having  dissolved  their  partnership,  A  draws  a  bill  on 
B,  who  accepts  it,  the  guarantor  is  not  liable  to  B  on  his  letter  of  credit. 
(16  Johns.  Rep.  100.) 

A,  of  New  York,  gave  a  letter  of  credit  to  B,  addressed  to  C  in 
Albany,  requesting  C  to  deliver  goods  to  B  on  the  best  terms,  to  a 
certain  amount.  C,  instead  of  delivering  the  goods  himself,  gave  B 
a  letter  to  D  in  Geneva,  requesting  him  to  deliver  goods  to  the  amount, 
and  engaging  to  be  responsible,  and  D  accordingly  delivered  the  goods 
to  B.  In  an  action  brought  by  C  against  A  for  the  amount,  it  was 


AND   USEFUL   SUGGESTIONS.  325 

• 

held,  that  the  engagement  of  A  to  C  did  not  make  him  answerable 
for  goods  furnished  by  any  other  person.  A  surety  is  not  answera 
ble  beyond  the  scope  of  his  engagement.  (10  JoJins.  Rep.  180.) 


LAW  OF  PARTNERSHIP. 

Partnership  is  a  contract  of  two  or  more  persons  to  place  their 
money,  effects,  labor,  and  skill,  or  some  or  all  of  them,  in  lawful  com 
merce  or  business,  and  to  divide  the  profit  and  bear  the  loss  in  cer 
tain  proportions.  The  two  leading  principles  of  the  contract  are,  a 
common  interest  in  the  stock  of  the  company,  and  a  personal  respon 
sibility  for  the  partnership  engagements.  The  common  interest  of 
the  partners  applies  to  all  the  partnership  property,  whether  vested 
iu  the  first  instance  by  their  several  contributions  to  the  common 
stock,  or  afterwards  acquired  in  the  course  of  the  partnership  busi 
ness  :  and  that  property  is  first  liable  for  the  debts  of  the  company, 
and  after  they  are  paid,  and  the  partnership  dissolved,  then  it  is  sub 
ject  to  a  division  among  the  members  or  their  representatives,  accord 
ing  to  agreement.  If  one  person  advances  funds,  and  another  fur 
nishes  his  personal  services  or  skill,  in  carrying  on  a  trade,  and  is  to 
share  in  the  profits,  it  amounts  to  a  partnership.  But  each  party 
must  engage  to  bring  into  the  common  stock  something  that  is  valu 
able  :  and  a  mutual  contribution  of  that  which  has  value  and  can  bo 
appreciated,  is  the  essence  of  the  contract.  There  must  be  a  commu 
nion  of  profit  to  constitute  a  partnership  as  between  the  parties. 
They  must  not  be  jointly  concerned  in  the  purchase  only,  but  jointly 
concerned  in  the  future  sale. 

A  participation  in  the  loss  or  profit,  or  holding  himself  out  to  the 
world  as  a  partner,  so  as  to  induce  others  to  give  credit  on  that 
assurance,  renders  a  person  responsible  as  a  partner. 

There  is  a  just  and  marked  distinction  between  partnership  as 
respects  the  public,  and  partnership  as  respects  the  parties  ;  and  a 
person  may  be  liable  as  a  partner  to  third  persons,  although  the 
agreement  does  not  create  a  partnership  between  the  parties  them 
selves.  It  is  a  fundamental  doctrine  of  the  law,  that  though  the  per 
son  to  be  charged  contributes  neither  money  nor  time,  nor  receives 
any  part  of  the  profits,  yet,  if  he  lends  his  name  as  partner,  or  suffers 
his  name  to  continue  in  the  firm  after  he  has  ceased  to  be  an  actual 
partner,  he  is  responsible  to  third  persons  as  a  partner.  Dormant 
partners,  when  discovered,  are  equally  liable  as  if  their  names  had 

28 


326  LEGAL   ADVICE 

appeared  in  the  firm,  although  they  were  unknown  to  be  partners  at 
the  time  of  the  creation  of  the  debt.  Each  individual  member  of  a 
firm  is  answerable,  in  solido,  for  the  whole  amount  of  the  partnership 
debts,  without  reference  to  the  proportion  of  his  interest,  or  to  the 
nature  of  the  stipulation  between  him  and  his  associates  ;  but  special 
partners  in  a  limited  partnership,  established  in  conformity  with  the 
statute  law  of  the  States  where  it  is  allowed,  are  liable  only  to  the 
extent  of  the  funds  furnished. 

It  is  a  general  and  well-established  principle,  that  when  a  person 
joins  a  partnership  as  a  member,  he  does  not,  without  a  special  pro 
mise,  assume  the  previous  debts  of  the  firm,  nor  is  he  bound  by  them. 
To  render  persons  jointly  liable  upon  a  contract  as  partners,  they 
must  have  a  joint  interest  contemporary  with  the  formation  of  the 
contract.  If,  however,  goods  are  purchased  in  pursuance  of  a  pre 
vious  agreement  between  two  or  more  persons,  that  one  of  them 
should  purchase  the  goods  on  joint  account,  in  a  foreign  adventure, 
they  are  all  answerable  to  the  seller  for  the  price  as  partners,  even 
though  their  names  were  not  announced  to  the  seller;  for  the  pre 
vious  agreement  made  the  partnership  precede  the  purchase,  and  a 
joint  interest  attached  in  the  goods  at  the  instant  of  the  purchase. 
(3  Kent,  3G.) 

I.  Our  advice  is,  first — Be  cautious  in  tne  selection  of  a  partner. — 
By  entering  into  partnership  each  party  reposes  confidence  in  the 
other,  and  constitutes  him  his  general  agent  as  to  all  the  partnership 
concerns :  hence,  the  act  of  one,  whenever  it  has  the  appearance  of 
being  on  behalf  of  the  firm,  is  considered  as  the  act  of  the  rest. 

One  partner  can  buy  and  sell  partnership  effects,  and  make  con 
tracts  in  reference  to  the  business  of  the  firm,  and  pay  and  receive, 
draw  and  indorse,  and  accept,  bills  and  notes. 

The  act  of  one  partner,  though  on  his  private  account,  and  con 
trary  to  the  private  arrangement  among  themselves,  will  bind  all  the 
partners  if  made  without  knowledge  in  the  other  party  of  the  arrange 
ment,  and  in  a  matter  which,  according  to  the  usual  course  of  deal 
ing,  has  reference  to  the  business  transacted  by  the  firm. 

In  all  contracts  concerning  negotiable  paper,  the  act  of  one  part 
ner  binds  all ;  and  even  though  he  signs  his  individual  name,  pro 
vided  it  appears  on  the  face  of  the  paper  to  be  on  partnership  account, 
and  to  be  intended  to  have  a  joint  operation.  (1  Camp.  N.  P.  384.) 
But  if  a  bill  or  note  be  drawn  by  one  partner,  in  his  name  only,  and 
without  appearing  to  be  on  partnership  account,  the  partnership  is 
not  bound  by  the  signature,  even  though  it  was  made  for  a  partner' 


AND    USEFUL    SUGGESTIONS.  327 

ship  purpose.  If,  however,  the  bill  be  drawn  by  one  partner,  in  his 
own  name  upon  the  firm,  on  partnership  account,  the  act  of  draw 
ing  has  been  held  to  amount,  in  judgment  of  law,  to  an  acceptance  of 
the  bill  by  the  drawer,  in  behalf  of  the  firm,  and  to  bind  the  firm  as 
an  accepted  bill.  (5  Day's  Rep.  511.)  Even  if  the  paper  was  made 
in  a  case  which  was  not  in  its  nature  a  partnership  transaction,  yet 
it  will  bind  the  firm  if  it  was  done  in  the  name  of  the  firm,  and  there 
be  evidence  that  it  was  done  under  its  express  or  implied  sanction. 
But  if  partnership  security  be  taken  from  one  partner,  without  the 
previous  knowledge  or  consent  of  the  others,  for  a  debt  which  the 
creditor  knew  at  the  time  was  the  private  debt  of  the  particular 
partner,  it  would  be  a  fraudulent  transaction,  and  clearly  void  in 
respect  to  the  partnership.  So  if  from  the  subject-matter  of  the  con 
tract,  or  the  course  of  dealing  of  the  partnership,  the  creditor  was 
chargeable  with  constructive  knowledge  of  that  fact,  the  partnership 
is  not  liable. 

If,  however,  the  negotiable  paper  of  a  firm  be  given  by  one  partner 
on  his  private  account,  and  that  paper  issued  within  the  general  scope 
of  the  authority  of  the  firm,  passes  into  the  hands  of  a  'lo?ia  fide 
holder,  who  has  no  notice,  either  actually  or  constructively,  of  the 
consideration  of  the  instrument ;  or  if  one  partner  should  purchase, 
on  his  private  account,  an  article  in  which  the  firm  dealt,  or  which 
had  an  immediate  connection  with  the  business  of  the  firm,  a  differ 
ent  rule  applies,  and  one  which  requires  the  knowledge  of  its  being 
a  private  and  not  a  partnership  transaction  to  be  brought  home  to  the 
claimant.  (3  Kent,  44.) 

One  partner  may  pledge  as  well  as  sell  the  partnership  effects  in  a 
case  free  from  collusion,  if  done  in  the  usual  mode  of  dealing,  and  it 
has  relation  to  the  trade  in  which  the  partners  are  engaged,  and  when 
the  pawnee  had  no  knowledge  that  the  property  was  partnership  pro 
perty.  And  if  one  partner  acts  fraudulently  with  strangers  in  a 
transaction  within  the  scope  of  the  partnership  authority,  the  firm  is 
nevertheless  bound  by  the  contract. 

It  is  a  general  principle  of  law  that  one  partner  cannot  bind  a  firm 
by  deed,  but  nevertheless,  he  may  by  deed  execute  the  ordinary  re 
lease  of  a  debt  belonging  to  the  copartnership,  and  thereby  bar  the 
firm  of  a  right  which  it  possessed  jointly. 

II.  It  is  always  advisable,  though  not  essential  that  articles  of  co 
partnership  should  be  formally  drawn  up,  and  they  should  specify 
the  commencement  and  intended  duration  of  the  partnership  ;  the 
kind  of  business  to  be  pursued;  the  proportion  of  capital  to  be 


328  LEGAL   ADVICE 

brought  in ;  the  manner  in  which  the  gains  and  losses  are  to  be  di 
vided  :  whether  interest  is  to  be  charged  on  capital,  and  at  what  rate : 
the  allowance  which  the  copartners  may  withdraw  yearly  for  their 
private  use  and  the  disposition  which  is  to  be  made  of  the  joint  pro 
perty  in  the  event  of  a  dissolution. 

III.  Insert  in  your  copartnership  agreements  an  article  against  the 
copartners  becoming  bound  as  surety  or  otherwise  during  the  copartner 
ship,  except  for  the  business  of  the  firm. — A  violation  of  this  stipulation 
gives  the  right  to  dissolve  the  copartnership. — This  stipulation  is  ex 
ceedingly  useful ;  not  that  any  sucR  contracts  of  suretyship  bind  the 
firm,  for  ordinarily  they  do  not,  and,  being  private  stipulations  between 
the  parties,  they  do  not  affect  the  public  ;  but  this  article  acts  as  a  salu 
tary  restraint  upon  the  copartners,  especially  the  younger  members 
of  houses,  from  the  indulgence  of  a  heedless  kindness,  and   relieves 
them  from  solicitations  for  favors  which  it  is  often  difficult  to  refuse 
and  always  wrong  to  grant. 

IV.  Be  certain  to  specify  in  your  articles  of  copartnership  what  dis 
position  is  to  be  made  of  the  joint  property  in  the  event  of  a  dissolution. — 
This  is  the  most  important  of  all  the  stipulations,  and  it  is  one  of  the 
first  dictates  of  prudence  to  provide  at   the  commencement  of  the 
union,  when  there  is  mutual  confidence  and  good  feeling  between  the 
parties,  and  when  the  uncertainty  as  to  which  party  shall  fall  under 
the  adverse  operations  of  any  stipulations,  insures  the  adoption  of  such 
as  are  mutually  and  reciprocally  just  for  the  disposition  of  the  pro 
perty  in  the  event  of  a  dissolution  ;  an  event  upon  which  it  becomes 
so  peculiarly  situated,  from  the  equal  and  conflicting  rights  of  dis 
senting  owners  that  the  only  administration  of  it  which   the  law  can 
sanction,  is  to  take  it  from  all. 

Y.  When  the  partnership  is  dissolved,  give  due  notice  of  its  dissolu 
tion  in  one  of  the  usual  advertising  gazettes  of  the  place  where  the 
business  was  carried  on,  and  an  actual  and  express  notice  to  all  wlio 
previously  had  dealings  with  the  firm. — Without  this  the  partners  may 
still  act  in  the  name  of  the  firm,  and  create  liabilities  on  its  members 
in  favor  of  all  Avho  shall  not  be  actually  proved  to  have  had  notice  of 
dissolution. 

If  a  partnership  be  formed  for  a  single  purpose  or  transaction,  it 
ceases  as  soon  as  the  business  is  completed.  A  partnership  may  be 
dissolved  by  the  voluntary  act  of  the  parties,  or  of  one  of  them,  and  by 
the  death,  insanity,  or  bankruptcy  of  either,  and  by  judicial  decree,  or 
by  such  a  change  in  the  condition  of  one  of  the  parties  as  disables 
Inm  to  perform  his  part  of  the  duty. 


AND   USEFUL   SUGGESTIONS.  329 

It  is  an  established  principle  in  the  law  of  partnership,  that,  if  it 
be  without  any  definite  period,  a  partner  may  withdraw  at  a  mo 
ment's  notice,  when  he  pleases,  and  dissolve  the  partnership ;  and 
even  if  the  partners  have  formed  a  partnership  by  articles,  for  a  de 
finite  period,  it  is  now  considered  that  each  party  may,  by  giving  due 
notice,  dissolve  the  partnership,  as  to  all  future  capacity  of  the  firm 
to  bind  him  by  contract.  The  only  consequences  of  such  a  revoca 
tion  of  the  partnership  power,  in  the  intermediate  time,  would  be  that 
the  partner  would  subject  himself  to  a  claim  of  damages  for  a  breach 
of  the  covenant. 

When  a  partnership  is  actually  ended,  by  death,  notice,  or  other 
effectual  mode,  no  person  can  make  use  of  the  joint  property,  in  the 
way  of  trade,  or  inconsistently  with  the  purpose  of  settling  the  affairs 
of  the  partnership,  and  winding  up  the  concern.  One  partner  cannot 
indorse  bills  and  notes  previously  given  to  the  firm,  nor  accept  a  bill 
previously  drawn  on  it,  so  as  to  bind  it.  If  the  paper  was  even  in 
dorsed  before  the  dissolution,  and  not  put  into  circulation  until  after 
wards,  all  the  partners  must  unite  in  putting  it  into  circulation,  in 
order  to  bind  them. 


LAW  OF  INTEREST. 

Where  there  is  no  contract,  express  or  implied,  for  the  payment  of 
interest,  it  is  not  allowed  on  the  price  of  goods  sold,  even  though  a 
certain  day  is  fixed  for  payment — nor  on  the  price  of  work  and  labor 
— nor  on  money  lent — nor  on  money  paid  for  the  use  of  another — 
nor  on  money  received  for  the  use  of  another — nor  on  a  balance 
struck  on  an  account  for  goods  sold.  Interest  is  not  due  on  a 
written  instrument,  unless  it  is  expressed  in  the  instrument  that 
interest  was  intended  to  be  paid,  or  such  interest  is  implied.  Inte 
rest  may  be  implied  from  the  usage  of  trade,  or  the  dealings  between 
parties ;  and  it  is  always  implied  in  mercantile  instruments,  as  bills 
and  promissory  notes,  after  the  time  they  ought  to  have  been  paid. 
If  a  note  or  bill,  payable  at  a  given  time  after  date,  be  for  a  specified 
sura,  "  bearing  interest,"  these  entitle  the  holder  to  interest  from  date. 
Without  these  words,  the  holder  is  entitled  to  interest  from  the  day 
of  maturity.  Interest,  however,  is  not  then  allowed,  if  the  delay  in 
payment  is  caused  by  the  default  of  the  holder. 

If  a  bill  be  bv  the  acceptor,  payable  at  a  particular  place,  the  ac- 

28* 


330  LEGAL   ADVICE 

ceptor  will  not  be  liable  for  interest  without  proof  of  presentment  at 
that  place. 

With  regard  to  the  time  to  which  interest  is  to  be  computed — it  is, 
in  general,  to  be  carried  down  to  the  time  when  final  judgment  may 
be  signed. 

Interest  may  be  recovered  from  a  banker,  on  money  deposited  in 
his  bank  by  a  customer,  on  its  being  proved  to  be  the  custom  of  the 
bank  to  allow  it.  (8  Taunt.  250.) 

A  man  who  holds  money  as  an  agent  or  banker,  bound  to  produce 
it  at  a  moment's  notice  to  the  depositor,  is  not  liable  to  pay  interest, 
if  he  makes  it.  But  an  agent  who  makes  interest  from  money  that 
it  is  his  duty  to  pay  over,  is  liable  for  interest. 

A  stakeholder  is  answerable  for  the  loss,  and  hence  entitled  to  any 
advantage  ;  and  it  has  been  decided,  that  an  auctioneer  is  a  mere 
stakeholder.  (5  Burr,  2639.) 

If  the  purchaser  pay  part  of  the  purchase-money  to  an  auctioneer, 
4ind  the  vendor  is  not  able  to  complete  the  contract,  the  purchaser 
is  entitled  to  recover  interest  from  the  latter  on  the  deposit,  from  the 
time  the  purchase  should  have  been  completed.  (1  Esp.  268.) 

The  payment  of  interest  on  a  legacy,  commences,  generally,  from 
a  year  after  the  testator's  death.  (7  Yes.  Jr.  96.) 

A  Rule  for  computation  of  Interest  when  partial  payments  have  been 
made — Compute  the  interest  on  the  principal  to  the  time  of  the  first 
payment,  and  if  the  payment  exceed  this  interest,  add  the  interest  to 
the  principal,  and  from  the  sum  subtract  the  payment :  the  remain 
der  forms  a  new  principal.  But  if  the  payment  be  less  than  the 
interest,  take  no  notice  of  it  until  other  payments  are  made,  which 
in  all  shall  exceed  the  interest  computed  .to  the  time  of  the  last  pay 
ment  :  then  add  the  interest  so  computed  to  the  principal  and  from 
the  sum  subtract  the  sum  of  the  payments  :  the  remainder  will  form 
a  new  principal,  on  which  interest  is  to  be  computed  as  before. 
(2  Johns.  Chan.  Rep.  209.) 


MISCELLANEOUS  ADVICE. 

I.  If  you  receive  an  account  current,  from  your  creditor,  and  intend 
to  dispute  it,  make  your  objections  within  a  reasonable  time  after  its 
receipt. 

In  the  mercantile  world,  an  account  current,  not  objected  to  in  the 
course  of  two  or  three  posts  after  it  is  received,  is  deemed  to  be 


AND   USEFUL   SUGGESTIONS.  331 

agreed  to,  and  this  understanding  is  regarded  in  the  investigation  of 
mercantile  accounts  in  a  court  of  equity.  (Sherman  v.  Sherman,  2 
Fern.  276.) 

II.  Never  make  advances  on  a  bill  of  lading  without  an  inspection 
of  the  letter  of  advice  which  accompanied  it. 

It  is  a  well-established  principle  in  law  that  a  factor  cannot  pledge 
the  goods  of  his  principal ;  and  the  best  evidence  that  one  can  have, 
whether  he  is  dealing  with  a  factor  or  a  vendee,  is  the  letter  of  advice 
which  accompanies  the  bill  of  lading. 

Ill  If  you  are  the  creditor  in  cases  of  guarantee  or  suretyship,  it  is 
your  interest  that  the  surety  should  unite  with  the  debtor  in  a  joint 
obligation.  Under  this  form  of  contract,  you  can  immediately  pro 
ceed  against  both  parties  in  the  same  legal  proceeding.  But  if  you 
are  the  surety,  it  is  to  your  interest  to  enter  into  a  separate  contract, 
stipulating  that  the  debtor  shall  do  the  act  in  question.  Here  notice 
must  be  given  you  of  the  debtor's  default,  and  the  creditor  will  have 
to  enforce  the  obligation  by  two  independent  proceedings. 

IV.  If  you  are  appointed  executor  or  administrator,  deduct  the 
charges  of  administration  from  the  amount  of  assets  in  your  hands ; 
for  if  you  pay  out  all  the  money  arising  from  the  personal  estate,  you 
cannot  obtain  a  licence  to  sell  the  real  estate  to  pay  the  expenses  of 
administration. 

V.  If  two  or  more  persons  enter  into  an  agreement  for  the  purchase 
of  an  estate,  an   article  should  be  inserted  as  between  themselves, 
that  in  case  default  is  made  in  either  to  pay  his  part  of  the  purchase 
money,  and  the  other  pay  it  for  him,  he  shall  be  entitled  to  call  upon 
the  vendor  for  a  conveyance  of  the  entire  estate  to  hold  as  security 
for  repayment — as  it  is  considered  he  will  not  otherwise  have  a  lien 
on  the  estate  for  his  money. 

VI.  In  purchasing  an  estate  where  the  principal  lives  at  a  distance, 
the  purchaser  should  take  a  covenant  from  the  attorney,  that  the 
power  is  not  revoked — that  covenant  to  remain  in  force  until  the  deed 
be  confirmed  by  the  principal. 

Vl£  A  partner  assigning  his  share  to  the  other,  on  dissolution  of 
partnership,  must — as  they  are  joint  tenants — use  the  word  "release." 
It  is  considered  that  word  alone  can  pass  the  whole  interest. 

VIII.  In  an  action  to  recover  money  due  on  a  bond,  the  action 
must  be  brought  in  the  name  of  the  original  obligee,  notwithstanding 
the  assignment,  therefore,  a  power  of  an  attorney  to  sue  in  his  name 
should  always  be  inserted  in  the  assignment. 

IX.  On  an  assignment  of  a  chose  in  action  notice  of  the  assignment 


332  LEGAL   ADVICE   AND   USEFUL    SUGGESTIONS. 

by  a  copy,  or  a  full  and  clear  statement  of  it,  should  be  given  to  the 
debtor. 


FUNDAMENTAL  LEGAL  PRINCIPLES. 

1.  That  which  is  originally  void,  does  not  by  lapse  of  time  become 
valid. 

If  an  infant  or  married  woman  make  a  will  and  publish  the  same, 
and  die  of  full  age  or  single,  it  is  still  void.  A  will  of  a  married  wo 
man  made  before  marriage  will  not  survive  on  the  husband's  death. 

2.  A  personal  right  of  action  dies  with  the  person. 

3.  The  law  compels  no  one  to  do  impossibilities. 

4.  No  one  shall  be  twice  vexed  for  one  and  the  same  cause. 

5.  The  greater  contains  the  less. 

In  an  action  for  battery,  and  maiming  is  proved,  it  is  well,  because 
it  is  battery  and  more. 

6.  The  law  favors  things  which  are  in  the  custody  of  the  law. 

7.  The  husband  and  wife  are  one  person. 

8.  Every  act  shall  be  taken  most  strongly  against  the  maker. 

If  I  plant  land  with  corn,  and  lease  it  for  years,  the  corn  belongs  to 
the  lessee  if  I  do  not  except  it. 

9.  AVhen  two  titles  concur,  the  elder  should  be  preferred. 

10.  Agreements  overrule  the  law. 

11.  He  who  derives  the  advantage  ought  to  sustain  the  burden. 

12.  No  man  shall  take  advantage  of  his  own  wrong. 

13.  Where  the  right  is  equal,  the  claim  of  the  party  in  actual  pos 
session  shall  prevail. 

14.  He  has  the  better  title  who  was  first  in  point  of  time. 

15.  A  right  of  action  cannot  arise  out  of  fraud. 

16.  It  is  fraud  to  conceal  fraud. 

17.  The  law  assists  those  who  are  vigilant  and  not  those  who  sleep 
over  their  rights. 

18.  Ignorance  of  the  law  excuses  no  one. 

19.  Who  does  not  oppose  what  he  might  oppose,  seems  to  consent. 

20.  When  contrary  laws  come  in  question,  the  inferior  law  must 
yield  to  the  superior ;  the  law  general  to  the  law  special ;  an  old  law 
to  a  new  law ;  man's  laws  to  God's  laws. 


A  FEW  USEFUL  ARITHMETICAL  RULES. 


INTEREST. 

1.  To  find  interest  for  months  at  6  per  cent. — Call  the  dollars  cents, 
multiply  them  by  half  the  number  of  months,  and  the  product  will  be 
the  interest. 

2.  To  find  interest  for  days  at  §  percent. — Multiply  the  principal  by 
the  days  and  divide  by  6000 ;  or  multiply  the  principal  by  one-sixth 
the  number  of  days  and  cut  off  three  figures  from  the  right  for  cents 
and  mills. 

3.  To  find  interest  for  days  at  any  per  cent. — Bring  the  dollars  to 
cents,  multiply  them  by  the  number  of  days,  then  multiply  that  pro 
duct  by  the  rate  per  cent.,  divide  the  last  product  by  365.25,  and  it 
will  be  the  interest  in  cents. 

4.  The  amount,  time,  and  rate  per  cent,  being  given,  to  find  the  princi 
pal.     Rule. — As  the  amount  of  $100  at  the  rate  and  time  given,  is  to 
the  amount  (or  sum  given,)  so  is  $100  principal  to  the  principal  re 
quired  (or  present  worth.) 

5.  The  amount,  time,  and  principal  being  given,  to  find  the  rate  per 
cent.     Rule. — Subtract  the  principal  from  the  amount,  and  the  re 
mainder  is  the  interest ;  annex  two  ciphers  to  the  interest  and  divide 
the  sum  by  the  product  of  the  principal  and  time,  and  the  quotient 
will  be  the  percentage. 

DISCOUNT. 

Discount  is  an  allowance  made  for  payment  of  money  before  it  be 
comes  due. 

Rule.—  Assume  any  principal  at  pleasure,  and  find  the  amount 
for  the  time  and  rate  per  cent.  Then,  as  the  amount  found  is  to  the 

(333) 


334  PRACTICAL   ARITHMETIC. 

amount  or  debt  given,  so  is  the  principal  assumed  to  the  required 
principal  or  present  worth.  The  present  worth  subtracted  from  the 
given  sum  will  give  the  discount. 

NOTE. — This  method  is  the  equitable  one  ;  the  interest  being  really 
estimated  at  the  proposed  per  cent,  per  annum.  The  mode  generally 
adopted  at  the  banks,  is  to  compute  the  interest  by  multiplying  the 
principal  in  dollars  by  the  number  of  days,  dividing  by  6  for  the  an 
swer  in  mills.  This  method  gives  too  much  ;  and  by  computing  the 
interest  on  the  whole  note  to  be  discounted,  produces  a  second  excess, 
which  they  deduct,  and  advance  the  balance  to  the  holder,  thus  charg 
ing  interest  on  the  part  deducted  as  well  as  the  part  advanced. 

EQUATION  OF  PAYMENTS. 

Equation  of  payments  is  the  finding  of  the  average  time  at  which 
several  amounts,  due  at  different  times,  may  be  paid  so  that  no  loss 
shall  be  sustained. 

CASE  I. — To  find  the  equated  time  of  payment,  when  several  sums 
are  payable  at  different  periods. 

Rule. — Multiply  each  amount  by  the  number  of  months  it  has  to 
run ;  then  divide  the  sum  of  the  products  by  the  amount  of  the  debt, 
and  the  quotient  will  be  the  average  time. 

Example. — A  owes  B  $380,  to  be  paid  as  follows  :  $100  in  6  months, 
$120  in  7  months,  and  §160  in  10  months,  what  is  the  average  time 
of  payment? 

100  X  C=  600 
120  X  7=  840 
160x10=1600 


380  )3040(8  months. 

CASE  II. — To  find  the  equated  time  when  goods  are  purchased  or 
sold  at  different  times,  but  on  the  same  length  of  credit,  or  when 
notes  having  the  same  length  of  time  to  run,  but  drawn  at  different 
periods,  are  discounted. 

Rule. — Multiply  each  sum  by  the  time  intervening  between  the 
date  on  which  the  first  sum  falls  due,  and  that  on  which  each  sum  re 
spectively  falls  due :  divide  the  sum  of  products  by  the  whole  amount 
of  debt,  and  the  quotient  will  be  the  equated  time  to  be  added  to  the 
date  at  which  the  first  amount  becomes  due. 

Example. — Purchased  goods  as  follows  at  6  months,  what  is  the 
Average  time  of  payment  ? 


PRACTICAL   ARITHMETIC.  33t> 

May  3,     $100 

June  3,       100  X  30=3000 

July  3,       100x01=0100 

300  )9100(30 

30  days  from  May  3,  will  bring  the  equated  time  to  June  3,  the  time 
from  which  the  note  is  to  be  given. 

Rule  II — Find  what  the  interest  would  be  upon  each  of  the  bills 
from  the  month  in  which  the  first  bill  was  bought  until  they  were 
severally  purchased,  Add  the  interest  of  the  bills  together,  place 
four  ciphers  to  the  right  of  this  amount,  and  divide  the  sum  by  the 
amount  of  all  the  bills.  Multiply  the  quotient  thus  obtained  by  6, 
and  divide  by  300,  for  the  time  from  the  day  from  which  the  interest 
is  reckoned  to  the  average  date  of  all  the  bills.  Thus,  in  the  above 
example : 


MAY  1. 

Interest  from 
May  1. 

May   3 
June  3 
July  3 

To  merchandise,  G  months 

$100 
100 

100 

00 
00 
00 

1 

.05 
.55 
.05 

300,00)1,05000(55 

$300 

$1 

.05 

00 

6 


300)330(1  mouth  and  3  days. 
300 


3JO 

1  month  arid  3  days  from  May  1st,  being  June  3d  as  before,  is  the 
average  date. 

N.  B.  This  rule  may  be  made  almost  universal  in  its  application. 


ARTIFICERS'  WORK. 

Artificers  estimate  or  compute  the  value  of  their  work  by  different 
measures,  namely  ;  First — glazing  and  masons'  flat  work,  &c.,  by  the 
foot.  Second — painting,  plastering,  paving,  &c.,  by  the  yard.  Third 
— flooring,  partitioning,  roofing,  tiling,  &c.,  by  the  square  of  100  feet. 
Fourth — brickwork,  &c.,  by  the  rod  of  16$  feet,  whose  square  is  272J 
feet. 


336  PRACTICAL   ARITHMETIC. 

The  measures  made  use  of  in  these  works  are  contained  in  the  fol 
lowing  table : — 

72  inches  make  1  lineal  foot. 

144  square  inches  make  1  square  foot. 

9  square  feet  make  1  square  yard. 

100  square  feet  make  a  square. 

272|-  square  feet,  or  30  J  square  yds. 

make  1  rod,  perch,  or  square  pole. 

NOTE. — The  best  method  of  taking  the  dimensions  of  all  sorts  of 
artificers'  work,  is  by  feet,  tenths,  and  hundredths ;  because  the  cal 
culation  may  be  performed  by  common  multiplication. 

BRICKLAYERS'  WORK. 

Bricklayers  compute  their  work  at  the  rate  of  a  brick  and  a  half 
thick,  and,  if  the  wall  be  more  or  less  than  this  standard,  it  must  be 
reduced  to  it  by  the  following  rule  : — 

Multiply  the  superficial  contents  of  the  wall,  in  feet,  by  the  number 
of  half  bricks  in  the  thickness,  and  one-third  of  that  product  will  be 
the  content  required. 

NOTE. — In  practice,  it  is  usual  to  divide  the  square  feet  by  272  only, 
omitting  the  J  ;  but  the  more  accurate  way  is,  to  divide  by  272.25. 

2.  In  this  country,  bricklayer's  work  is  generally  reckoned  by  the 
1000. 

3.  The  usual  way  to  take  the  dimensions  of  a  building,  is  to  measure 
half  its  middle,  on  the  outside,  and  half  round  it  on  the  inside,  and 
this  will  give  the  true  compass  in  which  the  thickness  of  the  wall  is 
included. 

4.  When  the  height  of  the  building  is  unequal,  take  several  dif 
ferent  altitudes,  and  their  sum,  being  divided  by  the  number  of  alti 
tudes  you  have  taken,  may  be  considered  as  the  mean  height. 

5.  To  commence  a  chimney,  standing  by  itself,  without  any  party 
wall  adjoining  ;  girth  it  about  for  the  length,  and  reckon  the  height 
of  the  story  for  the  breadth  ;  but,  if  it  stand  against  a  wall,  you  must 
measure  it  round  to  the  wall  for  the  girth,  and  take  the  height,  &c., 
as  before. 

6.  When  the  chimney  is  wrought  upright  from  the  mantel-tree  to 
the  ceiling,  the  thickness  must  always  be  the  same  with  the  jambs ; 
and  nothing  is  ever  deducted  for  the  vacancy  between  the  floor  and 
the  mantel-tree,  because  of  the  gathering  of  the  breast  and  wings  to 
make  room  for  the  hearth  in  the  next  story. 


PRACTICAL    ARITHMETIC  337 

7.  To  measure  chimney  shafts,  or  that  part  which  appears  above 
the  roof,  girth  them  with  a  line,  about  the  least  place  for  the  length, 
and  take  the  height  for  the  breadth,  and  if  they  be  four  inches  thick,  set 
down  the  thickness  at  one  brickwork ;  but  if  they  are  nine  inches 
thick,  reckon  it  a  brick  and  a  half,  in  consideration  of  the  plastering 
and  scaffolding. 

8.  All  windows,  doors,  &c.,  are  to  be  deducted  out  of  the  contents 
of  the  walls  in  which  they  are  placed.     But  this  reduction  is  made 
only  with  regard  to  materials  ;  for  the  value  of  their  workmanship  is 
added  to  the  bill,  at  the  stated  rate  agreed  on. 

MASONRY. 

To  masonry  belong  all  sorts  of  stone-work,  and  the  measure  made 
use  of  is  a  solid  perch,  or  a  superficial  or  solid  foot. 

Stone  and  stone  work,  or  mason's  work,  is  measured  by  the  standard 
perch  of  24.75  cubical  or  solid  feet,  which  is  16J  feet  long  li  feet 
wide,  and  1  foot  high. 

Rule. — Divide  the  continued  product  of  the  length,  width,  and  height, 
in  feet,  by  24.75,  and  the  quotient  will  be  the  number  of  perches. 
Or,  divide  the  continued  product  of  the  length  and  height,  in  feet,  and 
width  in  inches,  by  297,  and  the  quotient  will  be  the  number  of 
perches  required. 

NOTE. — If  the  wall  be  no  more  than  the  standard  thickness,  multi 
ply  only  the  length  and  height  together,  and  divide  the  product  by 
16.5,  and  the  quotient  will  be  the  number  of  perches. 

NOTE. — Masons,  in  measuring  their  work,  usually  take  the  whole 
girth  of  the  building;  that  is,  the  length  of  a  string  that  passes 
entirely  around  the  building,  which  is  four  times  the  thickness  of  the 
wall  more  than  the  true  measure.  This  is  added  on  account  of  the 
trouble  of  carrying  up  the  corners. 

In  this  country,  the  thickness  of  the  wall  is  not  reckoned  to  the 
mason  at  less  than  18  inches ;  but  if  it  is  more  than  that  thickness, 
it  is  reduced  to  it.  No  deduction  of  the  mason  work  is  made  for 
doors,  windows,  &c.,  on  account  of  the  trouble  of  carrying  up  the 
straight  walls  on  the  side  of  them.  All  doors,  windows,  &c.,  are  to 
be  deducted  out  of  the  contents  of  the  walls  in  which  they  are  placed 
with  regard  to  materials. 

29 


338  PRACTICAL    ARITHMETIC. 


PLASTERERS'  WORK. 

Plasterers'  -work  is  of  two  kinds,  namely :  Plastering  upon  laths, 
called  ceiling,  and  plastering  upon  walls  called  rendering ;  and  those 
different  kinds  must  be  measured  separately,  and  the  contents  col 
lected  into  one  sum. 

Plasterers'  plain  work  is  measured  by  the  square  foot,  or  yard  of 
9  square  feet ;  and  enriching  mouldings,  &c.,  by  running  or  lineal 
measure. 

•NOTE. — Proper  deductions  must  be  made  for  doors,  windows,  &c. 

CARPENTERS'  AND  JOINERS'  WORK. 

Carpenters'  and  Joiners'  work  is  that  of  flooring,  partitioning,  roof 
ing,  &c.,  and  is  measured  by  the  square  of  100  feet. 

1.  Large  and  plain  articles  are  usually  measured  by  the  foot,  or 
yard,  &c.  square,  but  enriched  mouldings,  and  some  other  articles,  are 
often  estimated  by  running  or  lineal  measure,  and  some  things  are 
rated  by  the  piece. 

2.  In  measuring  of  joists  it  is  to  be  observed,  that  only  one  of  their 
dimensions  is  the  same  with  that  of  the  floor,  and  the  other  will  ex 
ceed  the  length  of  the  room  by  the  thickness  of  the  wall  and  one- 
third  of  the  same,  because  each  end  is  let  into  the  wall  about  two 
thirds  of  its  thickness. 

3.  No  deductions  are  made  for  hearths,  on  account  of  the  addi 
tional  trouble  and  waste  of  materials. 

4.  Partitions  are  measured  from  wall  to  wall  for  one   dimension, 
and  from  floor  to  floor,  as  far  as  they  extend,  for  the  other. 

5.  No  deductions  are  made  for  door-ways,  on  account  of  the  trouble 
of  framing  them. 

6.  In  measuring  joiner's  work,  the  string  is  made  to  play  close  to 
every  part  of  the  work  over  which  it  passes. 

7.  In  roofing,  the  length  of  the  house  in  the  inside,  together  with 
the  two-thirds  of  the  thickness  of  one  gable,  is  to  be  considered  as 
the  length,  and  the  breadth  is  equal  to  double  the  length  of  a  string, 
which  is  stretched  from  the  ridge  down  to  the  rafter,  along  the  eaves- 
board,  till  it  meets  with  the  top  of  the  wall. 

8.  For  staircases,  take  the  breadth  of  all  the  steps  and  make  a  line 
ply  close  over  them,  from  the  top  to  the  bottom,  and  multiply  the 
length  of  this  line  by  the  length  of  a  step,  for  the  whole  area. 


A    LIST 


OP  A  FEW   OP 

THE    WHOLESALE    HOUSES, 

A  1  IX  THEIR  RESPECTIVE  BRANCHES  IN  THE  CITY  OP 
PHILADELPHIA. 

Compiled  for  the  Convenience  of  Country  Merchants,  Young  Men  Com 
mencing  Business,  and  all  desirous  of  having  their  orders 
faithfully  filled, 

Also,  Architects,  Hotels,  Insurance  Companies,  &c, 


To  make  this  partly  a  Reference  Book  for  purchasers,  I  have  com 
piled  the  following  list  embracing  a  few  of  the  best  houses  in  the 
respective  branches  of  business  mentioned,  and  I  think  that  country 
merchants  and  purchasers  generally  will  consult  their  own  interests 
by  noting  them  on  their  memorandum,  and  giving  them  a  call  before 
purchasing,  as  I  have  confidence  they  will  find  them  not  only  able  to 
supply  a  wide  public  demand  for  the  articles  in  which  they  deal,  and 
on  the  most  favorable  terms,  but  also  liberal,  polite,  and  possessing  the 
qualities  that  constitute  good  merchants. 


Importers. 


STUART  &  BROTHER,  (BRITISH 
DRY-GOODS  BY  THE  PACKAGE),  13 
Bank  St.,  and  14  Strawberry  St. 

CHARLES  COLLADAY  (BUTTONS, 
TRIMMINGS,  BINDINGS,  &c.,  AGENT 
FOR  THE  MANUFACTURERS),  35 
Church  Alley. 

WRAY&  GRAHAM  (BRITISH  AND 
FRENCH  DRY-GOODS  BY  PACKAGE,) 
14  Church  Alley. 

NICHOLAS  WOLFF  (GERMAN  DRY 
GOODS,  CLOTHS,  VELVETS,  HO 
SIERY,  GLOVES,  &c.),  20  Church 
Alley. 


Importers  &  Commission 
Merchants. 


F.  V.  KRUG  &  CO.  (AGENTS  FOR 
COHOES,  N.  B.,  SAXONY  MILLS, 
TROY  AND  PHILADELPHIA  WOOL 
LEN  SHIRTS  AND  DRAWERS;  GER- 
MANTOWX  WOOLLEN  HOSIERY, 
COMFORTS,  HOODS,  &c.),  6  and  8 
Church  Alley. 

HART  &  MITCHELL,  (SHIRTS, 
DRAWERS,  CRAVATS,  &c.,)  32  and 
34  Bank  Street. 

WRAY  &  GILLILAN,  (BRITISH, 
FRENCH,  AND  SCOTCH  GOODS,)  41 
Chestnut  Street. 

(339) 


340 


FIRST    CLASS    WHOLESALE    HOUSES, 


Importers. 


P.  BRADY  &  CO.  (BRITISH  &  FRENCH 

GOODS),  IS".  W.  corner  of  Front  and 

Chestnut  Sts. 
E.  M.  DAVIS    &   CO.   (FRENCH   AND 

INDIA   SILK   GOODS,    GLOVES,    <fcc.,) 

183    Broadway,    New   York,    and   in 

Philadelphia,    at   16    Strawberry   st. 

and  15  Bank  St. 
EGBERT     EWING,     (IMPORTER     or 

BRITSH  DRY  GOODS,  AND  COMMISSION 

MERCHANT),  31  Chestnut  St. 
HENRY   FARNIJM    &  CO.  (FOREIGN 

DRY  GOODS),  12  Chestnut  St. 
LEWIS,  BROTHERS  &  CO.  (FRENCH, 

ITALIAN,    AND     Swiss     GOODS),    80 

Chestnut  St. 
LEWIS  &  CO.  (BRITISH   DRY  GOODS), 

68  and  70  Market  St. 
LOTTIMER,    LARGE,    ELLERY    & 

CO.  (WHITE  GOODS,|LACES,  HOSIERY, 

EMBROIDERIES,  AND  FRENCH  GOODS), 

80  Chestnut  St.  (Jayne's  Building.) 

WILLIAM  McKEB  &  CO.  (IRISH 
LINENS  AND  BRITISH  DRY  GOODS,)  20 
S.  Front  St. 

GEORGE  PEARCE  &  CO.  (LACE 
GOODS,  EMBROIDERIES,  &c.)  85  Chest 
nut  St.  Philadelphia,  and  58  Broad 
way  New  York. 

GEORGE  B.  REESE,  (BRITISH  DRY 
GOODS),  70  Chestnut  St. 

STEEGMANN,  BRITTAN  &  CO. 
(LACES,  WHITE  GOODS,  AND  EMBROI 
DERIES,)  70  Chestnut  St. 

THOMPSON,  POTTER  &  KEMBLE, 
(LACE  GOODS  AND  EMBROIERIES), 
179  Market  St. 

WM.  WATSON  &  CO.,  (BRITISH  AND 
IIIISH  DRY  GOODS  BY  THE  PACKAGE,) 
8  Chestnut  St. 


Commission  Merchants. 
Dry  Goods- 

DAVID  S.  BROWN  &  CO.  (AMERICAN 
MANUFACTURED  GOODS),  38  &  40  S. 
Front  st. 

BROOKS  &  ROACH,  (PHILADELPHIA 
MANUFACTURED  GOODS),  24  Chestnut 

H.  L.  CARSON,  (PHILADELPHIA  AND 
RHODE  ISLAND  LINSEYS),  12  S.  Front 

C.  W.  CHURCHMAN,  (FOREIGN  AND 
DOMESTIC  GOODS),  30  S.  Front  St. 

FARNHAM,  KIRKIIAM  &  CO.,  (AME 
RICAN  COTTON  AND  WOOLEN  GOODS), 
34  S.  Front  st. 

J.  C.  HOWE  &  CO.  (MANCHESTER 
PRINT  WORKS,  M.DE  LAINES,  PRINTS,) 
82  Chestnut  St 


HACKER,  LEA  &  CO.  (AMERICAN 
MANUFACTURED  GOODS),  32  and  34 
Chestnut  st. 

LAWRENCE,  STONE  &  CO.  Chestnut 
st.  below  Third. 

MANDERSON  &  LAMMOT,  (FOR 
EIGN  AND  AMERICAN),  17  Chestnut  st. 

JOSEPH      RIPKA,       (MANUFACTURER 

OF  FANCY  COTTONADE,  AND  A  VARI 
ETY  OF  OTHER  PANTALOON  STUFFS), 
Warehouse  32  South  Front  st. 

THOMAS  P.  REMINGTON,  (AMERI 
CAN  MANUFACTURED  GOODS),  22  S. 
Front  st. 

SILL,  ARNOLD  &  CO.  (WOOLEN  DRY 
GOODS),  52  Chestnut  st. 

TREDICK,  STOKES  &  CO.  (COTTON 
AND  WOOLEN  GOODS),  18  S.  Front  st. 

D.  &  J.  TATEM,  23  Chestnut  St. 

THOMAS  &  MARTIN,  (AMERICAN 
MANUFACTURED  GOODS),  10  North 
Front  st. 

TINGLEY,  CALDWELL  &  ENGLISH 
10  Chestnut  st. 

CHARLES  H.  WELLING,  18  Chest 
nut  St. 

WEST,  FOBES  &  LLOYD,  41  Chest 
nut  St. 

WILSON,  BROWN  &  CO.  (AMERICAN 
MANUFACTURED  GOODS),  19  Chest 
nut  St. 

WOOD  &  ERRINGER,  37  Chest 
nut  St. 

WOOD,  FULLER  &  WELLS,  (FOR 
EIGN  AND  AMERICAN),  88  Chestnut. 

BANGS    &    MAXWELL,  14  S.  Front. 


Commission   Merchants. 
general. 

THOMAS  ALLIBONE  &  CO.  (NAVAL 
STORES  AND  COTTON),  63  N.  Water 
St.,  and  32  N.  Wharves. 

BUCKNOR,  McCAMMON  &  CO.  (To- 
BACCO  WAREHOUSE),  41  N.  Water  St. 

A.  G.  CATTELL  &  CO.  (GRAIN,  SEED, 
AND  IRON),  13  N.  Wharves. 

DANENIIOWER  &  HARRIS,  (TO 
BACCO),  45  N.  Front  St. 

LE  FEVRE,  BLACK  &  CO.  (FLOUR, 
GRAIN,  AND  WESTERN  PRODUCE), 
71  S.  Wharves. 

McCUTCHEON  &  COLLINS,  (PRO 
VISIONS  AND  PRODUCE  GENERALLY), 
S.  W.  corner  of  Front  and  New  Sts. 

GEORGE  McIIENRY  &  CO.  (SHIP 
PING  AND  GENERAL),  37  Walnut  St. 

ROWLEY,  ASHBURNER  &  CO. 
(OILS,  AND  NAVAL  STORES),  14  N. 
Wharves,  and  25  N.  Water  St. 

A.  &.  J.  WRIGHT,  (FLOUR  FACTORS, 
AND  SALT  DEALERS),  Vine  St.  Wharf. 


PHILADELPHIA. 


341 


Commission  Merchants. 
Wool. 

EDWARDS  &  JENNESS,  6  N.  Front 

St. 

COATES  &  BROWN,  43  Market  St. 
BENJAMIN  BULLOCK  &  CO.  32  N. 

Third  St. 
KIMBER,  HENRY  &  CO.  74  N.  Front 

St. 
REECE  &  SEAL,  18  N.  Front  St. 

Importers    and    Jobbers. 
Dry  Goods. 

BARCROFT,  BEAVER  &  CO.  (also 
CLOTHING),  163  Market  St. 

BUCK,  MORGAN  &  STIDFOLE,  113 
Market  St.  below  Third. 

DEAL,  MILLIGAN  &  CO.  (also 
CLOTHING),  S.  W.  corner  of  Market 
and  Sixth  Sts. 

FITHIAN,  JONES  &  CO.  (FOREIGN 
AND  DOMESTIC),  77  Market  St.  and 
No.  4  Church  Alley. 

FASSITT  &  CO.  48  Market  St. 

IIAMMAN,  SNYDER  &  CO.  146  Mar 
ket  St. 

HOOD  &  CO.  189  Market  St.,  5th  door 
below  Fifth  St. 

HOSKIXS,  HIESKILL  &  CO.  N.  W. 
corner  of  Market  and  Fifth  Sts. 

LIPPINCOTT  &  PARRY,  (CLOTHS, 
CASSIMERES,  TESTINGS,  &c.),  S.  W. 
corner  of  Market  and  Second  Sts. 

JAMES,  KENT,  SANTEE,  &  CO. 
(FOREIGN  AND  DOMESTIC),  147  N. 
Third  St. 

MILLER  &  LYON,  (BRITISH,  FRENCH, 
AND  AMERICAN),  95  Market  St. 

McFARLAND.  EVANS  &  CO.  (FOR 
EIGN  AND  DOMESTIC  DRY  GOODS), 
105  Market  St.,  and  34  Church 
Alley,  between  Second  and  Third  Sts. 

REED,  BROTHERS  &  CO.  (also  CLO 
THING),  177  and  177£  Market  St., 
above  Fourth,  (north  side). 

RAIGUEL  &  CO.  128  and  130  N. 
Third  St. 


SEXTON,  SEAL  &  SWEARINGEN, 
(also  FANCY  DRY  GOODS),  No.  11  S- 
Fourth  St. 

SMITH,  MURPHY  &   CO.  97  Market. 

T.  SHARPLESS  &  SONS,  32  S.  Second 
and  21  Strawberry  St. 

SIEGER,  LAMB  &  CO.  49  N.  Third  St. 

SPARHAWK,  DUNTON  &  WURTS, 
92  Market  St. 

SCOTT,  BAKER  &  CO.  150  Market  St. 

TAYLOR  &  PAULDING,  96  Market. 

TEMPLE    &    BARKER,   161  Market. 

WAINWRIGHT,  HUNTINGDON,  & 
FLOYD,  152  Market  St.,  and  23 
Merchant  St. 

J.  T.  WAY  &  CO.  81  Market  St.,  and  10 
Church  Alley. 

WOOD,  BACON  &  CO.  (also  CLOTH 
ING),  127  Market  St. 

WOOD  &  OLIVER,  131  Market  St. 


Importers  and  Jobbers  of 
Silks  and  Fancy  Dry- 
Goods. 


BUNN,  RAIGUEL  &    CO.    (FOREIGN 

AND  AMERICAN  DRY  GOODS),  91  N. 

Third  St. 
INSKEEP,    SHAKELFORD    &    Mc- 

KEE,  124  Market  St. 
SIBLEY,  MOLTEN   &  WOODRUFF, 

116  Market  St. 
WOOD,    COREY    &   WOOD,    N.    W. 

corner  of  Fourth  and  Market  Sts. 
YARD,     GILMORE     &     CO.  (FANCY 

DRY  GOODS,  WHITE  AND  LACE  GOODS) 

12  N.  Third  St. 


Importers  of  Fancy  Dry- 
Goods. 


McFADDEN  &  GASS,  (RIBBONS, 
LACE  GOODS,  EMBROIDERIES,  HO 
SIERY,  TRIMMINGS,  <tc.),  7  Bank  St. 

E.  GRUNDY,  (DRY  GOODS,  SMALL 
WARES,  Ac.),  16  Church  Alley. 

THOMAS  MELLOR,  (IMPORTER  OP 
HOSIERY.  GLOVES,  AND  TRIMMINGS,) 
4  N.  Third  St. 


Silks  and  Woolens, 

TAILORING  GOODS,  TAILORS'  TRIMMINGS,  SHIRTS,  &  MEN'S  FURNISHING  GOODS. 
JAMES     JIALSEY,    (IMPORTER    AND  WHOLESALE    DEALER),   No.  33    South 
Fourth  Street,  between  Market  and  Chestnut. 

Orders  (if  sent  direct),  strictly  attended  to  with  care. 


JOSEPH  S.  MEDARA  &  CO.  (IMPORTERS  AND  JOBBERS  IN  FOREIGN  AND  DOMES 
TIC  FANCY  DRY  GOODS  :  Satins.  Vesting,  Serges,  Cravats,  White  Goods,  Laces, 
Gloves,  Hosiery,  &c.),  14  N.  Third  St.,  (west  side),  opposite  Church  Alley. 


342 


FIRST   CLASS    WHOLESALE    HOUSES, 


MARPLE,  ELLIS  &  McCLURE,  (HO 
SIERY  AND  TRIMMINGS,)  15  N.  Third. 

MECKE  &  LEPPIEN,  (GERMAN  DRY 
GOODS,  BELGIAN  CLOTHS,  £c.),  26  S. 
Second,  and  17  Strawberry  Sts. 

R.  G.  ORWIG,  (FANCY  DRY  GOODS, 
HOSIERY  AND  TRIMMINGS),  108  N. 
Third  St. 


Importers    and    Jobbers. 
Fancy    Goods. 


BEDELL  &  PEARCE,  (HOSIERY, 
GLOVES,  TRIMMINGS,  Ac.),  57  N. 
Third  St.,  one  door  below  Arch, 


(lower  side). 
IND, 


LIND,  BROTHER  &  CO.  10  S.  Fourth 
St.,  corner  of  Merchant. 

OLIVER  MARTIN  &  CO.  (afc?o  HO 
SIERY,  GLOVES,  TRIMMINGS,  &c.)  24 
N.  Fourth  St. 

W.  H.  HORSTMANN  &  SONS,  (also 
MANUFACTURERS),  51  N.  Third  St. 

POWELL,  HAZLETT  &  CO.  140J 
Market  St.,  and  9  Merchant  St. 

SCHAFFER,  ROBERTS  &  CO.  187 
Market  St. 

SELLERS,  SITER  &  CO.  (also  HO 
SIERY,  GLOVES,  TRIMMINGS,  &c.),  135 
Market  St. 

JAMES  SMITH  &  SONS,  (GENUINE 
NEEDLES  ;  HENRY  WALTON,  THE 
AGENT),  83  Market  St. 

R.  &  G.  A.  WRIGHT,  23  S.  Fourth 
St.,  below  Market. 


BUSHNELL  &  TULL'S  CHILDREN'S 
VELOCIPEDE,  COACH,  GIG,  AND  BA 
ROUCHE  MANUFACTORY,  64  Dock 
St.,  above  Second. 

LOUIS  C.  BAUERSACHS,  (IMPORT 
ER  OF  FRENCH,  ENGLISH  AND  GER 
MAN  FANCY  GOODS  AND  TOYS,)  170 
Market  St. 

FRANCIS,  FIELD  &  FRANCIS, 
(MANUFACTURERS  OF  TIN  TOYS, 
BLOCK-TIN  WARE,  PLAIN  AND  JA 
PANNED),  No.  80  N.  Second  St. 

VOGT  &  ZOLLIKOFER,  (IMPORTERS 
OF  FRENCH  CHINA,  GLASS  WARE, 
FANCY  GOODS,  TOYS,  Ac.),  205 
Market  St.,  (up  stairs). 


F.  H.  SMITH,  (MANUFACTURER  OF 
POCKET  BOOKS,  PORTE  MONNAIES, 
ROSE  WOOD  WRITING  DESKS,  DRESS 
ING  CASES,  AND  WORK  BOXES),  205 
Arch  St..  one  door  below  Sixth. 


Importers  and  Dealers  in 
Foreign  and  Domestic 
Hardware  and  Cutlery. 


MARTIN  BUEHLER,  BROTHER  & 
CO.  195  Market  St.  (north  side)  sec- 
one  door  below  Fifth. 

CONRAD  &  ROBERTS,  123  North 
Third  St. 

JAMES  J.  DUNCAN  &  CO.,  177* 
Market  St.,  between  Fourth  &  Fifth. 

FIELD  &  LANGSTROTH,  166  Mar 
ket  St. 

FAUST  &  WINEBRENER,  68*  N. 
Third  St.,  above  Arch. 

HEATON  &  DENCKLA,  (AMERICAN 
AND  FOREIGN  HARDWARE  COMMIS 
SION  MERCHANTS),  33  Commerce  St. 

JUSTICE,  STEINMETZ  &  JUSTICE, 
Fifth  and  Commerce  St. 

KAY  &  DEHAVEN,  185  Market  St., 
(north  side),  between  Fourth  and 
Fifth. 

NEWLIN  &  MARSHALLS,  (IMPORT 
ERS  OF  HARDWARE  AND  GUNS,  AND 
DEALERS  IN  DOMESTIC  HARDWARE), 
151  Market  St. 

ERASMUS  C.  PRATT  &  BROTHER, 
(IMPORTERS  OF  NEEDLES,  FISH  HOOKS 
STEEL  PENS,  <fcc.),  28  Bank  St. 

SHIELDS  &  MILLER,  79  N.  Third  St. 


S.  H.  BIBIGHAUS,  (MANUFACTURER 
OF  PLANES),  166  N.  Third  St. 

WILLIAM  M.  McCLURE  &  BRO 
THER,  (BUILDING  HARDWARE  AND 
TOOLS,  EXCLUSIVELY),  287  Market 

TRUMAN  &  SHAW,  (HOUSEKEEPING 
AND  BUILDERS'  HARDWARE,  also, 
PLATFORM  SCALES),  333  Market 
St.,  beloAv  Ninth. 


Grocers. 


BAGALEY,  WOODWARD  &  CO.,  221 

Market  St. 
JOHN  BROCK.  SONS  &  CO.  97  and 

99  N.  Third  St. 
J.  HARDING,  JR.,  29  and  31  S.  Front 

St.,  28  and  30  S.  Water  St. 
JAMES      H.     &     THOMAS     HART, 

229  N.  Third  St. 
GEO.  LIPPINCOTT  &  CO.  17  North 

Water  St.,  and  ION.  Wharves. 
ROSS  &  DARLING,  129  N.  Third  St. 
WATERMAN  &  OSBOURN,    N.    W. 

corner  of  Second  and  Arch  (or  Mul 
berry)  Sts. 


PHILADELPHIA. 


343 


CALEB  CLOTHIER,  (FAMILY  FLOUR 
DEALER),  35  N.  Fifth  St. 


Drugs.     Importers     and 
Wholesale   Dealers. 


FREDERICK  BROWN,  (COMPOUNDER 
OF  PHYSICIANS'  PRESCRIPTIONS,  AND 
ALL  PHARMACEUTICAL  PREPARATIONS 
and  sole  Manufacturer  of  BROWN'S 
ESSENCE  OF  JAMAICA  GINGER),  N. 
E.  corner  of  Fifth  and  Chestnut. 

BULLOCK  &  CRENSHAW,  (IMPOR 
TERS  OF  ENGLISH,  FRENCH,  A-JTD 
GERMAN  DRUGS,  CHEMICALS,  AND 
CHEMICAL  WARES),  N.  E.  corner  of 
Sixth  and  Arch  Sts. 

G.  W.  CARPENTER  &  CO.  301  Mar 
ket  St. 

COLLINS  &  ANDERSON,  21  South 
Fourth  St.,  below  Market. 

CHARLES  ELLIS  &  CO.  (DRUGGISTS 
AND  MANUFACTURING  CHEMISTS),  56 
Chestnut  St.  LABORATORY  Sixth  & 
Morris  St. 

FRENCH  &  RICHARDS,  (also  IM 
PORTERS  OF  FRENCH  PLATE,  and 
Agents  for  American  Window  Glass), 
N.  W.  corner  10th  and  Market  Sts. 

B.A.  FAHNESTOCK  &  CO.  (PROPRIE 
TORS  OF  B.  A.  FAHNESTOCK'S  VER 
MIFUGE),  52  Market  St. 

THOMAS  P.  JAMES,  212  Market  St., 
(a  few  doors  above  the  Red  Lion 
Hotel). 

JENKS  &  OGDEN,  (IMPORTERS  AND 
WHOLESALE  DEALERS  IN  DRUGS, 
ACIDS,  DYE  STUFFS,  AND  CHEMI 
CALS),  No.  106  N.  Third  St.,  3  doors 
below  Race. 

CHARLES  D.  KNIGHT,  (WHOLESALE 
AGENT  FOR  TILDEN  &  Co.'s  VEGE 
TABLE  EXTRACTS,  and  Dealer  in 
HERBS,  ROOTS,  PLANTS,  and  BOTANIC 
MEDICINES),'  No.  7  S.  Sixth  St. 

LINN,  SMITH  &  CO.  8  S.  Third  St. 

D.  L.  MILLER,  JR.,  (also  ACIDS,  AND 
CHEMICALS  GENERALLY),  56  South 
Front  St. 

JOHN  M.  MARIS  &  CO.  (DRUGS, 
MEDICINES,  DYE  STUFFS,  <fcc.),  9  S. 
Third  St. 

MOYER  &  HAZARD,  (SUCCESSORS 
TO  A.  FULLERTON),  174  Market  St. 

T.  MORRIS  PEROT,  (DRUGS,  MEDI 
CINES,  CHEMICALS,  <tc.),  19  N.  Fourth 
Sfc,  above  Market, 

GEORGE  K.  SMITH  &  CO.  (also 
IMPORTERS  OF  SALTPETRE  AND  SUL 
PHUR),  294  and  296  N.  Second  St. 


JAMES  H.  SPRAGUE,  (also  IMPORT 
ER  AND  DEALER  IN  WINDOW  AND 
PICTURE  GLASS  OF  EVERY  DESCRIP 
TION  :  Zinc  and  other  Paints),  38 
and  35  N.  Fourth  St.,  (east  side). 

C.  &  J.  L.  SCHAFFER,  215  Market. 

ROBERT  SHOEMAKER  &  CO., 
(WHOLESALE  DRUGGISTS,  AND  IM 
PORTERS  OF  FRENCH,  ENGLISH  AND 
BELGIAN,  COLORED,  ENAMELED, 
PLATE,  AND  CROWN  GLASS,  FRENCH 
WHITE  ZINC,  Ac.),  No.  354  North 
Second  St.  corner  of  Green. 

WETHERILL  &  BROTHER,  65  N. 
Front  St. 

GEORGE  D.  WETHERILL  &  CO. 
(IMPORTERS  OF  DRUGS  AND  CHEMI 
CALS,  AND  DEALERS  IN  PAINTS,  OILS, 
GLASS,  Ac.),  56  N.  Front  St. 

ALFRED  WILTBERGER,  (also  PURE 
GROUND  COLORS,  VARNISHES,  <tc. 
Country  Dealers  supplied  on  reasona 
ble  Terms),  169  N.  Second  St. 

BREINIG,  FRONEFIELD  &  CO. 
(Proprietors  of  the  only  genuine  and 
scientific  vegetable  CATTLE  POWDER 
and  LINIMENT),  187  N.  Third  St. 


Boots,  Shoes,  and    Straw 
Goods. 


BOKER,  BROTHER  &  JONES,  82 
Market  St. 

BRODHEAD  &  ROBERTS,  135  N. 
Third  St. 

CONRAD,  THOMPSON  &  CO.,  60 
Market  St. 

WILLIAM  DULTY,  98  Market  St. 

HADDOCK,  REED  &  CO.  161  and 
166  Market  St. 

HENDRY,  COOPER  &  CO.,  Third 
and  Arch  Sts. 

D.  RODNEY  KING,  (MANUFACTURER 
OF  LADIES',  MISSES',  AND  CHILD 
REN'S  SHOES),  152£  Market  St.,  S. 
side,  between  Fourth  and  Fifth. 

LEVICK,  BROTHER  &  CO.,  160 
Market  St. 

J.  C.  A.  J.  LEVIS,  60  N.  Third  St. 

J.  W.  McCURDY  &  SON,  (WHOLE 
SALE  MANUFACTURERS  OF  LADIES', 
MISSES',  AND  CHILDRENS'  BOOTS, 
SHOES  AND  GAITERS.)  Ill  Chestnut 
St.  (up  stairs). 

J.  MILES  &  SON,  (WHOLESALE  MAN 
UFACTURERS  OF  LADIES',  AND  GEN 
TLEMEN'S,  FINE  BOOTS  AND  SHOES.) 
37  S.  Fourth  St. 

RORER,  GRAEFF  &  DARLING.  126 
N.  Third  St. 


344 


FIRST   CLASS   WHOLESALE    HOUSES, 


EU  CKMAN  &  PRICE,  144  N.  Third. 

J.  &  M.  SAUNDERS,  28  X.  Fourth  St. 

BENJAMIN  STRATTAN,  (LADIES' 
FANCY  BOOT  AND  SHOE  MANUFAC 
TURER),  21  S.  Fourth  St. 

WHELAN    &    CO.    175    Market  St. 

B.  P.  WILLIAMS  &  CO.  14  S.  Fourth. 

Clothiers. 


BENNETT  &  CO.  (TOWER  HALL),  182 
Market  St. 

GANS,  LEBERMAN  &  CO.  (WHOLE 
SALE,  (only)  -,  Merchants  supplied  on 
the  most  liberal  terms),  N.  W.  cor 
ner  of  Third  and  Market. 

A.  T.  LANE  &  CO.  (MEN  AND^  BOYS' 
CLOTHING  AT  AVHOLESALE),  No.  171 
Market  St.,  above  Fourth,  (N.  side). 

JACOB  REED'S  (WHOLESALE  AND 
RETAIL  CLOTHING  ROOMS),  S.  W. 
corner  of  Fifth  and  Market  Streets. 
Country  Merchants  supplied  on  liber 
al  terms. 

REED,  BRO'S.  &  CO.  (U.  S.  CLOTHING 
EMPORIUM.  MEN  AND  BOYS'  CLOTH 
ING),  177  and  177i  Market  St,  north 
side,  above  Fourth  St. 

WOLF,  ARNOLD  &  NUSBAUM,  70J 
N.  Third  St. 

PERRY  McNEILLE  &  CO.  S.  E.  cor. 
of  Market  and  Sixth  Sts. 

THE  CRESCENT  ONE  PRICE  CLO 
THING  STORE,  (JONES  &  Co.  PRO 
PRIETORS),  Market  St.,  above  Sixth. 


WILLIAM  CURTIS,  (MASONIC  AND 
ODD  FELLOWS'  REGALIA),  Odd  Fel 
lows'  Hall,  Sixth.  St.,  below  Race. 


Architects. 


S.  D.  BUTTON,  23  Merchants'  Ex 
change. 

JOSEPH  C.  HOXIE,  24  Merchants' 
Exchange. 

NICHOLSON  &  WADSKIER,  (AU 
THORS  AND  PUBLISHERS  OF  THE 
"  PRACTICAL  SCULPTOR),  Johnson's 
Building,  103  Walnut  St. 


Agricultural  Implements 
Seeds,   &c. 


R.    BUIST,    (SEEDS    AND    TREES),    97 
Chestnut'St.  above  Third. 


THOMAS  F.  CROFT  &  CO.  (VEGETA 
BLE,  FLOWER,  GRASS,  AND  FIELD 
SEEDS,  FRUIT  AND  ORNAMENTAL 
TREES),  309  Market  St. 

H.  A.  DREER,  (GARDEN,  GRASS,  AND. 
FLOWER  SEEDS,  PLANTS,  FRUIT 
TREES,  GARDEN  IMPLEMENTS,  AND 
BOOKS),  59  Chestnut  St. 

PROUTY  &  BARRETT,  194i  Market. 

C.  B.  ROGERS'  SEED  AND  AGRICUL 
TURAL  WAREHOUSE,  29  Market  St., 
Manufacturer  and  Dealer  in  all  the 
most  approved  Agricultural  and  Hor 
ticultural  Implements  :  Imported,and 
American  Field  and  Garden  Seeds  : 
Fruit,  Shade,  and  Ornamental  Trees  : 
Guano,  Sup.  Phos.  Lime,  Poudrette, 
&c. ;  Inventor  and  Manufacturer  of 
the  Cast  Steel  Extending  Point  Sur 
face  and  Sub-soil  Plough. 


Books.    Publishers. 

L1PPINCOTT,  GRAMBO  &  CO.  (also 
BLANK  BOOKS),  14  N.  Fourth  St. 

THOMAS,  COWPERTIIWAIT  &  CO. 
253  Market  St. 

CLARK  &  HESSER,  (BOOKSELLERS, 
PUBLISHERS,  AND  BLANK  BOOK  MAN 
UFACTURERS),  18  S.  Fourth  St.  be 
low  Market. 

C.  G.  HENDERSON  &  CO.,  SUCCES 
SORS  TO  G.  S.  APPLETON,  (BOOKSEL 
LERS,  PUBLISHERS,  AND  IMPORTERS), 
Corner  of  Fifth  and  Arch  Streets. 
Have  always  on  hand  and  offer  to 
the  Bookbuying  community  upon  the 
best  terms,  the  largest  assortment 
of  American  and  Foreign  Books,  iu 
every  department  of  Literature. 
*#*.  Public  and  private  Libraries,  as 
well  as  Bookbuyers  generally,  sup 
plied  at  low  rates. 

PARRISH,  DUNNING  &  MEARS, 
(BOOKSELLERS  AND  STATIONERS),  30 
N.  Fourth  St. 

T.  K.  COLLINS,  JR.,  (BOOKSELLER, 
AND  PUBLISHER;  FAMILY  BIBLES  AND 
Music  BOOKS),  8  N.  Sixth  St. 

JOHN  LOCKEN,  (PUBLISHER  OF  BI 
BLES  AND  PRAYER  BOOKS  OF  ALL 
SIZES),  311  Market  St. 

WM.  G.  MENTZ,  (PUBLISHER  OF  GER 
MAN  AND  ENGLISH  BOOKS).  Also, 
Blank  Book  Manufacturer,  No.  53  N. 
Third  St. 

MILLER  &  BURLOCK,  (PUBLISHERS 
OF  FAMILY  AND  POCKET  BIBLES,  in 
various  styles  of  Binding;  SOUTHERN 
HARMONY,  etc. ;  also,  BOOK-BINDERS), 
22  N.  Ninth  St. 


PHILADELPHIA. 


345 


JOHN  H.  SIMON,  (BOOKSELLER  AND 
PUBLISHER,)  114  1ST.  Third  St.     Also 
Paper  and  Rag  Warehouse,    234 
Third  St. 

SOWER  &  BARNES,  (BOOKSELLERS 
STATIONERS,  AND  PUBLISHERS  OP 
PELTON'S  OUTLINE  MAPS  AND  KEYS) 
81  N.  Third  St. 


Blank    Book    Manufac 
turers. 


JAMES  B.  SMITH    &   CO.   207  Mar 

ket  St.,  above  Fifth. 
S.  L.  ADAMS,  Manufactory  56  N.  Third 

St.,   Stationery  Store    Callowhill    St., 

above  Eighth. 
WM.  M.  CHRISTY,    65    S.    Third   St, 

opposite  Girard  Bank. 
PARRISH,   DUNNING-    &   MEARS, 

30  N.  Fourth  St. 
PERRY  &  ERETY,  (also  STATIONERS), 

63  N.  Third  St.  (up  stairs). 
WM.  PIERSON,  (also   STATIONER),  52 

N.  Fourth  St. 


Book-Binders. 


JOHN  F.  DUCOMB,  No.  7  Hart's 
Building,  Sixth  St.  above  Chestnut. 

GEO.  W.  DONOHUE,  (also  BLANK 
BOOK  MANUFACTURER),  S.  W.  corner 
of  Fourth  St.  and  Appletree  Alley. 

JOHN  LOCKEN,  311  Market  St. 

PAWSON  &  NICHOLSON,  No.  23 
Minor  St.  between  Fifth  and  Sixth, 
below  Market  St. 

BOOK-BINDERS'  DIES,  ROLES  &  STAMPS. 

GASKILL,  COPPER  &  FRY,  (EN 
GRAVERS  OF),  18  Minor  St.  Philadel 
phia.  Book  Binders'  stock  always  on 
hand. 


Blacking    and    Ink. 


JOHN  ANNEAR,  (MANUFACTURER  OF 
WOOTTEN  &  ANNEAR'S  PREMIUM 
BLACKING,)  94  Spruce,  &  13  N.  3d  St. 

WM.  CURREY,  (MANUFACTURER  OF 
WELLAR'S  PATENT  JAPAN  BLACKING, 
8  Premiums  received),  50  Chestnut  St. 

JAMES  S.  MASON  &  CO.  (MASON'S 
BLACKING),  108  N.  Front  St. 

RUSHTON  &  MEYERS,  (ORIGINAL 
MAGIC  BLACKING.  Also,  DRUGGISTS' 
TINWARE),  39  Strawberry  St. 

WELPLY  &  HILL,  (BLACKING  AND 
INK  MANUFACTURERS),  61  S.  Fifth  St. 


Brass  Cock  Manufactur 
ers  and  Brass  Founders. 


H.     BELFIELD,    Willow   and    Ridge 

Road ;  also,  Broad  above  Willow. 
FRICK  &  GAUL,  364  N.  Third  St. 
McCAMBRIDGE  &  FRY,  lo  Cherry  St 

below  Fourth. 
J.  &  H.  JONES,  93  and   95   Arch   St., 

below  Third. 

H.  HOMER,  77  Race  St.   below  Third. 

BRASS  KETTLES  AND   SHEET  BRASS. 

SAMUEL  CROFT,    (MANUFACTURER, 

53  Commerce  St. 


Britannia  Ware. 


HALL  &  BOARDMAN,  (MANUFAC 
TURERS),  93  and  95  Arch  St.  below 
Third. 


Bricks. 


WHARTON  &  MATLACK,  (MACHINE 
AND  HAND^MADE  :  also  Agents  for 
Patent  Rights  of  Culbertson  &  Scott's 
Brick  Machine),  110  S.  Front  St. 


Burning  -  Fluid,     Cam- 
phene,  and  Alcohol. 


HENRY  C.  CORFIELD,  (MANUFAC 
TURER  OF  BURNING  FLUID,  PINE 
OIL,  AND  LAMPS),  No.  454  N.  Second 
St.  below  Poplar. 

EDWARD  F.  CORFIELD,  (also  IM 
PORTER  AND  DEALER  IN  FANCV 
GLASSWARE),  152  S.  Second  St,  above 
Spruce. 

DAVIS  &  CULIN,  (also  LAMPS,  LAN 
TERNS,  CHANDELIERS,  Ac.),  N.  E. 
corner  of  Fourth  and  Cherry  Sts., 
Phila. :  Front  St.  above  Market,  Cam- 
den,  N.  J. 

MURPHY'S,  (also  LAMPS,  LANTERNS, 
CHANDELIERS,  <fec.),  311  Market  St., 
and  27  South  St. 

LEWIS  L.  PECK,  No.  15  Dock  St. 

R.  W.  PLUMMER  &  CO.  (also  DEO 
DORIZED  ALCOHOL,  VINEGAR,  <fcc.), 
116  and  118  Queen  St.,  South wark. 

JOHN  W.  RYAN,  (also  DEODORIZED 
ALCOHOL),  Washington  and  Swanson 
Sts.,  Southwark.  All  articles  war 
ranted.  Orders  from  the  city  or  coun 
try  promptly  attended  to. 

5TARNALL  &  CORFIELD,  (MANU 
FACTURERS),  274  and  280  N.  Third, 
above  Noble  St. 


34G 


FIRST    CLASS    WHOLESALE    HOUSES. 


Manufacturing  Chemists. 

POWERS  &  WEIGHTMAN,  (SUL 
PHATE  OF  QUININE,  &G.),  S.  W.  cor 
ner  of  Ninth  and  Parrish  Sts. 

POWERS,  WEIGHTMAN  &  HARRI 
SON,  (OiL  OP  VITRIOL,  &e.).  Office  at 
Powers  &  Weightman's  Ninth  and 
Parrish  Sts. 

ROSENGARTEN  &  DENIS,  (SUL 
PHATE  OF  QUININE,  &c.),  N.  W.  cor 
ner  of  Vine  and  Schuylkill  Seventh. 

J.  P.  &  WM.  WETHERILL,  ('WHITE- 
LEAD  AND  CHEMICAL  WORKS),  West 

Philadelphia. 


PORTEDS'  LABORATORY, 

Nos.  603,  605, 607,  N.  Front  St., 

AND 

N.  W,  Corner  Front  &  Canal  St. 

ALCOHOL 
Of    all    Descriptions. 

PINE  OIL 

Distilled  by  Steam. 

BURNING    FLUID, 

VENICE    TURPENTINE, 

Naphtha,     Rosin  Oil, 

Varnish  of  all  Descriptions, 

CHANDELIERS,   LAMPS, 

&AS    FIXTURES. 

Brass  Work  of  all  Kinds. 

ORDERS  are  filled  on  the  day  of  their 
receipt.  Every  article  is  warranted 
to  please  the  purchaser,  being  man 
ufactured  under  the  immediate  super 
vision  of  the  subscriber. 

J.  A.  PORTETJS. 


Collecting    Agencies. 


C.  R.  HAWES  &  CO.  (PARTICULAR  AT 
TENTION  PAID  TO  DOUBTFUL  CLAIMS), 
136  Market  St. 

"VVM.  GOODRICH  &  CO.  (MERCANTILE 
AGENCY),  116  Market  St. 

DAVID  B.  BIRNEY,  (COMMISSIONER 
OF  DEEDS  FOR  29  STATES),  116  Mar 
ket  St. 

Cigars,   Tobacco,    &c. 


PRISHMUTH    &    BROTHERS,    105 
N.  Third  St. 


E.  &  A.  KERN,  N.  E.  corner  of  Third 
and  Market  Sts. 

REINHOLD,  DASH  &  CO.  (WHOLE 
SALE  TOBACCO  AND  SEGAR  WARE 
HOUSE),  S.  W.  corner  Third  and  Race. 

A.  STEVENSON,  JR.,  73  N.  Third  St. 


Dental  Depots. 


JONES,  WHITE  &  McCURDY,  116 
Arch  St.  Philadelphia;  136  Broadway 
New  York  ;  3£  Tremont  Row,  Boston. 


Engravers. 


WM.  B.  GIHON,  (ENGRAVER  ON  WOOD) 
N.  E.  corner  of  Sixth  and  Chestnut. 

C.  T.  HINCKLEY,  (ENGRAVER  ON 
WOOD),  66  S.  Third  St.  (3d  Story.) 

WILLIAM  G."  MASON,  (BUSINESS 
CARDS,  SEALS,  STOCK  CERTIFICATES, 
AND  ENGRAVING  OF  ALL  DESCRIP 
TIONS),  46  Chestnut  St.  above  Second. 

J.  &  C.  E.  MAAS,  (SEAL  AND  PLATE 
ENGRAVERS),  SOJ  Walnut  St. 

E.  D.  MARSHALL  &  CO.  (CALICO 
ENGRAVERS),  6  Lagrange  Place. 

BANK  NOTE  ENGRAVERS  AND  PRINTERS. 

DANFORTH,  BALD  &  CO.,  No.  95J 
Walnut  St.  Philadelphia;  No.  1  Wall 
St.  New  York  ;  No.  1  Gray's  Build 
ing,  Boston  ;  Fourth  St.  near  Walnut, 
Cincinnati.  Original  designs  for  Vig 
nettes,  and  other  embellishments  fur 
nished  without  charge. 

TOPPAN,  CARPENTER,  CASILEAR 
&  CO.  76J  Walnut  St.  Philadelphia  ; 
29  Wall  St.  New  York  ;  Liberty  Tree 
Building,  corner  of  Washington  and 
Essex  Sts.  Boston  ;  N.  W.  corner  of 
Third  and  Walnut  Sts.,  Cincinnati. 


Furniture    Manufac 
turers. 


•W.  &  J.  ALLEN,  136  S.    Second    St., 

below  Dock. 
GEORGE    J.     HENKELS,     (PATENT 

EXTENSION      DINING     TABLE),    173 

Chestnut 'St. 
HART,  WARE  &  CO.  (COTTAGE)  Store 

280  Chestnut  St.  :     Factory    Twelfth 

and  Buttonwood. 
JAMES    IRVINE,    (STEAM   TURNING, 

FANCY  CABINET  MAKING  ESTABLISH 
MENT),  25  and  27  Dock  St. 


PHILADELPHIA. 


347 


Furnishing  Goods. 

C.  A.  WALBORN  &  CO.  (also  GEN 
TLEMEN'S  FURNISHING),  7  and  9  N. 
Sixth  Street. 

WINCHESTER  &  SCOTT  (GENTLE 
MEN'S  FURNISHING)  172  Chestnut  St. 
above  Seventh. 

THOMAS  S.  MOORE  (IMPORTER  AND 
DEALER)  o£  N.  Second  St.,  up  stairs. 


Gas-Fixtures,  &c. 


CORNELIUS,  BAKER,  &  CO.  (also 
LAMPS,  CHANDELIERS,  &c.),  176 
Chestnut  Street;  Manufactory  131 
Cherry  Street. 

HEIDRICK,  HORNING  &  BROTHER, 
221  N.  Second  Street,  above  Vine. 


Hardware,  Guns,  Cut 
lery,  &c. 


R.  &  W.  C.  RIDDLE  &  CO.,  47  Market 
Street,  Philadelphia,  have  constantly 
on  hand  Genuine  Mouse-hole  and  W. 
Foster's  Anvils,  Blacksmith's  Bel 
lows,  Vices,  English  and  American 
Wagon-Boxes,  Ames's  &  Rowland's 
Spades  and  Shovels,  Beatty's  and 
Butcher's  Edge  Tools,  Butcher's 
and  Greaves's  Files  and  Tools, 
Pugh's  Auger  Bits,  Rose  &  Son's 
Trowels,  Wostenholm's  and  other 
Cutlery;  which,  with  a  full  assort 
ment  of  Hammered  Pans,  Brass 
Kettles,  Horse  Nails,  Wrought  Nails, 
Horseshoes,  Hinges,  Screws,  Bolts, 
Locks,  Planes,  Rules,  Tacks,  Brads, 
Sparables,  and  Shelf  Goods  gene 
rally,  will  be  sold  at  the  lowest  mar 
ket  prices,  either  by  the  Package  or 
from  the  Shelves. 

SPANG  &  WALLACE  (FISHING  AND 
FOWLING  TACKLE  of  every  descrip 
tion),  94  N.  Third  Street. 


Glue,  Sand-Paper,  Hide- 
Whips,  &e. 

BODINE,  BAEDER,  &  CO.  (also  EME 
RY  AND  SAND-PAPER,  CURLED  HAIR, 
&o.),  86  Market  Street,  Philadelphia  ; 
235  Pearl  Street,  New  York. 

GERKER  &  BEEHLER  (also  CURLED 
HAIR,  ISINGLASS  AND  BRISTLES),  No. 
20  Commerce  Street,  Philadelphia; 
47  Vesey  Street,  New  York. 


GEORGE  J.  SCOTT  (also  CURLED 
HAIR,  WAGON-WHIPS,  CHAIR  AND 
SOFA  SPRINGS;  Importer  of  Music 
Wire,  and  Piano  Hardware),  No.  9 
N.  Fifth  Street,  Philadelphia  ;  2  Platt 
Street,  New  York. 


Gold  Pens. 


JONES  &  MORGAN  (PROPRIETORS 
AND  MANUFACTURERS  OF  WILLIAM 
FIFE'S  PATENT  OBLIQUE-POINTED 
GOLD  PENS),  87  Tammany  Street,  and 
Corner  of  Third  and  Chestnut  Sts. 

CHARLES  B.  PEDDIE  (MANUFACTU 
RER  OF  GOLD  PENS,  GOLD  AND  SILVER 
PENCIL-CASES),  S.  E.  Corner  of  Third 
and  Chestnut  Street. 

OSMON  REED  (MANUFACTURER),  74 
Market  Street. 


Hats  and  Caps. 

BOWEN,  COWELL,  &  CO.,  176  Mar 
ket  Street. 

C.  H.  GARDEN,  196  Market  Street. 

HENDERSON  &  TR1EBELS,  144 
Market  Street. 

LASELL  &  BROTHER,  20  N.  Fourth 
Street. 

J.  J.  KOHLER,  138  N.  Third  Street 
(opposite  the  Eagle  Hotel). 

PRICE  I.  PATTON  &  CO.,  118  Mar 
ket  Street. 

JOHN  C.  YEAGER,  163  N.  Third  St. 


Hotels. 


GIRARD  HOUSE,  PRESBURY  AND  BIL 
LINGS,  Chestnut  below  Ninth  Street. 

JONES'S  HOTEL,  152  Chestnut. 

UNITED  STATES,  Chestnut  between 
Fourth  and  Fifth. 

FRANKLIN  HOUSE,  B.  H.  WOOLMAN 
(Terms  $1  50  per  day),  Chestnut 
above  Third. 

AMERICAN  HOTEL,  WTILLIAM  HART 
CARR  (Agent  for  the  Proprietor, 
JOHN  FATZINGER),  opposite  the  Hall 
of  Independence,  Chestnut  Street. 

EAGLE  HOTEL,  DAVID  STEM  (Terms 
$1  per  day),  139  North  Third  Street. 

THE  RIDGVVAY  HOUSE,  M.  WIL 
LIAMS,  foot  of  Market  Street  (upper 
side),  fronting  the  Delaware. 

MADISON  HOUSE,  J.  OTTENKIRK, 
37  and  39  N.  Second  Street. 

BALD  EAGLE,  DANIEL  DALBY,  234 
N.  Third  Street. 


348 


FIRST  CLASS  WHOLESALE  HOUSES, 


MERCHANTS'  HOUSE,  WILLIAM  H. 
BUSH,  237  N.  Third  Street. 

BLACK  BEAR,  WM.  FRY  (Terms  75 
cenls  per  day),  24 U  N.  Third  Street. 

WHITE  SWAN,  WEAVER  &  BALD 
WIN,  108  Race  Street. 

UTAH  HOUSE,  ON  THE  EUROPEAN 
PLAN  (similar  to  LOVEJOY'S,  New 
York),  ROBERT  MILLER,  Proprietor, 
188  Chestnut  Street. 

JONES'S  EXCHANGE  HOTEL,  77 
Dock  Street,  opposite  Exchange  and 
Post-Office. 


House,  Hotel,  and  Steam 
boat  Furnishing. 


ISAAC    S.   WILLIAMS,  256    Market 
Street,  between  Seventh  and  Eighth. 


Ink. 


A.  W.  HARRISON  (COLUMBIAN  INKS 

AND  HAIR-DYE),  10  S.  Seventh  Street 

below  Market. 
JOSEPH  E.  HOVER  (MANUFACTURER 

OF    HOVER'S    INK,  &c.),   144    Race 

(Sassafras)  Street. 


Iron. 


COLWELL  &  CO. ,11 1  N.  Water  Street, 
and  53  N.  Wharves. 

GEO.  EARP,  JR.  (GENERAL  COMMIS 
SION  MERCHANT),  58  N.  Wharves. 

FISHER,  MORGAN,  &  CO.  (BAR-IRON 
AND  CUT  NAILS),  117  N.  Water  St., 
and  56  N.  Wharves. 

MORRIS,  JONES,  &  CO.  (COMMISSION 
MERCHANTS  AND  DEALERS  IN  ALL 
DESCRIPTIONS  OF  IRON,  NAILS,  CoP- 
PER,  &c.),  Market  and  Schuylkill 
Seventh  Streets. 

NATHAN  TROTTER  &  CO.  (also 
METALS),  36  N.  Front  Street. 

JOS.  &  G.  P.  WHITAKER  (MANU 
FACTURERS  OF  PRINCIPIO,  ROUGH 
AND  READY,  AND  DURHAM  PIG-!RON; 
also  sell  BURDEN'S  RAILROAD,  SHIP, 
AND  BOAT-SPIKES,  HORSESHOES,  AND 
RIVETS),  147  N.  Water  Street  and  70 
N.  WTharves. 


Iron  Pounders. 


ABBOTT  &  LAWRENCE  (LIBERTY 
STOVE  WORKS  AND  HOLLOW-WARE 
FOUNDRY),  Brown  St.  above  Fourtii. 


WM.  P.  CRESSON  &  CO.  (STOVES; 
also,  TINNED,  ENAMELLED,  AND  TON 
HOLLOW-WARE,  &c.  &c.),  Willow 
Street  above  Thirteenth. 

NORTH,  CHASE,  &  NORTH  (STOVES, 
RANGES,  HOLLOW-WARE,  MACHINE 
RY,  &c.) ;  Foundry  corner  of  Se 
cond  and  Mifflin  Streets;  Ware- 
rooms  145  N.  Second  Street. 

JAMES  YOCOM  &  SON  (!RON  FRONTS 
FOR  BUILDINGS,  AND  MACHINE  CAST 
INGS  GENERALLY),  Foundry  No.  11 
Drinker's  Alley;  Office  125  N.  Second 
Street  below  Race. 


Iron  Railing. 


COLEMAN'S  ORNAMENTAL  IRON 
WORKS,  No.  48  S.  Fifth  Street  be 
low  Walnut. 

HOOD     &     CO.     (MANUFACTURERS     OF 

ORNAMENTAL  IRON  WORK)  in  all 
its  branches,  at  the  CITY  WORKS), 
121  N.  Tenth  Street  above  Race. 

MORE  &  GALLAGHER,  Corner  of 
Ridge  Road  and  Broad  Street. 

WOOD'S  ORNAMENTAL  IRON  RAILING 
WORKS,  Ridge  Road  and  Buttonwood 
Street. 


M.  WALKER  &  SONS  (WBOUOHT- 
IRON  AND  PATENT  WIRE  RAILING, 
FARM  FENCING,  PATENT  WIRE  SACK 
ING  BEDSTEADS,  &c.),  N.  E.  Corner 
of  Market  and  Sixth  Streets. 


Jewelry,  Watches,  &e. 


BUTLER  &  M'CARTY  (MANUFACTU 
RERS  OF  THIMBLES,  SPECTACLES, 
SPOONS,  AND  IMPORTERS  OF  WATCH 
ES),  105  N.  Second  Street  above 
Arch. 

CONRAD  BARD  &  SON  (MANUFAC 
TURING  SILVERSMITHS,  AND  IMPORT 
ERS  OF  WATCHES  AND  PLATED 
WARE),  116  Arch  Street. 

E.  G.  A.  BAKER  (MANUFACTURER 
AND  DEALER  IN  JEWELRY),  Corner 
of  N.  Fourth  and  Branch  Streets; 
Office  55  N.  Third  Street. 

JAMES  BARBER'S  (WHOLESALE  AND 
RETAIL  CLOCK  ESTABLISHMENT)  ; 
also,  Sole  Agent  for  A.  W.  Rapp's 
celebrated  Patent  Scientific  Niche 
Gold  Pen,  wholesale  and  retail, 
South-East  Corner  of  Second  and 
Chestnut  Streets. 


PHILADELPHIA. 


349 


DUBOSQ,  CARROW,  &  CO.  (WHOLE 
SALE  MANUFACTURERS  OF,  AND  DEAL 
ERS  IN  JEWELRY),  No.  5  Bank  Alley, 
lower  side  of  Pennsylvania  Bank. 

FARR  &  THOMPSON  (IMPORTERS  OF 
WATCHES  AND  JEWELRY,  also  GOLD 
PEN  MANUFACTURERS),  112  Chestnut 
Street. 

THOMAS  C.  GARRETT  Si  CO.  (IM 
PORTERS  OF  WATCHES  AND  MANU 
FACTURERS  OF  JEWELRY  AND  SILVER 
WARE),  122  Chestnut  Street. 

JOHN  M.  HARPER  (IMPORTER  OF 
ENGLISH  AND  Swiss  WATCHES),  No. 
3  Bank  Alley  near  the  Exchange. 

LEVVIS  LADOMUS  (IMPORTER  OF,  AND 
WHOLESALE  AND  RETAIL  DEALER  IN 
WATCHES,  JEWELRY,  SILVER  WARE, 
AND  GOLD  PENS),  106  Chestnut  Street. 

OWE^  &  DUBOSQ,  (MANUFACTURERS 

AND  DEALERS  IN  JEWELRY),  76  North 
Second  Street. 

OSMON  REED  (IMPORTER  AND  DEAL 
ER  IN  WATCHES,  JEWELRY,  GOLD 
PENS,  FANCY  GOODS,  TOOLS  AND  MA 
TERIALS),  74  Market  Street,  below 
Third. 

STAUFFER  &  HARLEY  (IMPORTERS 
OF  WATCHES  AND  JEWELRY,  AND 
MANUFACTURERS  OF  SILVER  WARE), 
96  North  Second  Street,  corner  of 
Quarry. 

J.  A.  "STODDART  (IMPORTER  OF 
WATCHES  AND  MANUFACTURER  OF 
JEWELRY,  WATCH-TOOLS,  AND  MA 
TERIALS  IN  VARIETY),  N.  E.  corner 
of  Market  and  Third  Streets. 

TAYLOR,  LAWRIE,  &  WOOD  (SIL 
VER  WARE),  114  Arch  Street.  •  Man 
ufacturers  for  Bailey  &  Kitchen,  and 
Bailey  &  Co.,  19  years. 

C.  &    E.  TRACY  (MANUFACTURERS    OF 

WATCH-CASES  AND  DIALS;  also  As- 
SAYERS  AND  DEALERS  IN  GOLD  AND 
SILVER  BULLION — CALIFORNIA  GOLD 
BOUGHT),  Goldsmith's  Hall,  Library 
Street. 

WILSON'S  SILVER  PLATE,  SPOON  AND 
FORK  MANUFACTORY,  S.  W.  corner 
of  Fifth  and  Cherry  Streets.  Also 
Importers  of  Plated  Ware. 

SHOW-CASE  MAKERS. 

BEAL  &  FORMAN  (SILVER  AND  GER 
MAN  SILVER  MOUNTINGS),  rear  of 
No.  7  Cherry,  between  Third  and 
Fourth. 

FREDERICK  HAFNER  (GERMAN 
SILVER  AND  BRASS  MOUNTINGS,  NEW 
STYLE),  60  Vine  Street  below  Second. 

30 


Leather,  Morocco,  &c. 

FRITZ,  WILLIAMS7~&~HENDRY 
(MOROCCO  MANUFACTURERS,  CUR 
RIERS,  IMPORTERS,  COMMISSION  AND 
GENERAL  LEATHER  DEALERS),  29 
North  Third  Street. 

GEORGE  S.  ADLER  (MOROCCO  AND 
PATENT  LEATHER  MANUFACTURER), 
21  Margaretta  Street. 

CHAMBERS  &  CATTELL  (MANU 
FACTURERS  AND  IMPORTERS  OF  LEA 
THER),  67  Chestnut  below  Third. 

EVELAND  &  MAHARG  (MANUFAC 
TURERS  OF  MOROCCO  AND  FANCY 
LEATHER,  FRENCH  CALF,  BOOK 
BINDERS'  FINDINGS,  BINDINGS,  LIN 
INGS,  &c.),  65  Willow  Street,  between 
St.  John  and  Third  Streets. 

J.  K.  GAMBLE  &  BROTHER  (Mo- 
ROCCO  AND  FANCY  LEATHER  MANU 
FACTURERS),  5  Margaretta  Street. 

WM.  T.  McNEELY  (MANUFACTURER 
OF  MOROCCO,  FANCY  LEATHER,  BUCK 
SKIN,  CHAMOIS,  AND  PARCHMENTS), 
46  N.  Fourth  Street. 


Lightning-Rods. 


THOS.  ARMITAGE'S  PATENT  ELEC 
TRIC  MAGNET  LIGHTNING-RODS, 
Wholesale  and  Retail,  at  the  Fac 
tory,  Vine  Street  above  Twelfth. 


Locomotive  Builders. 


M.  W.  BALDWIN,  Corner  of  Broad 

and  Hamilton  Streets. 
RICHARD   NORRIS  &  SON,  Schuyl- 

kill  Sixth  Street  above  Railroad. 


Looking-Glasses,  &c. 


JOSHUA  COWPLAND  (WHOLESALE 
DEALER  IN  LOOKING-GLASSES),  27  S. 
Fourth  Street  below  Market. 

THOMAS  J.  NATT  &  CO.  (WHOLE 
SALE  AND  RETAIL  LOOKING-GLASS 
WAREHOUSE  AND  PLATE-GLASS  DE 
POT),  117  Chestnut. 

JOSEPH  S.  NATT  (FRENCH  LOOKING- 
GLASS  AND  PLATE-GLASS  DEPOT),  182 
Chestnut  Street,  between  Seventh 
and  Eighth  Streets. 


350 


FIRST  CLASS  WHOLESALE  HOUSES, 


CHARLES  N.  ROBINSON  (also  CARV 
ED  GILT  BRACKETS,  GILT  PORTRAIT 
AND  PICTURE-FRAMES,  ENGRAVINGS, 
&c.)-  248  Chestnut  Street. 

CHARLES  S.  SWAIN,  225  N.  Second 
Street. 

ISAAC  J.  CRESSWELL  (also  CLOCKS, 
WHOLESALE  AND  RETAIL,  BRITANNIA 
WARE,  AND  FANCY  HARDWARE),  299 
Market  Street,  below  Eighth. 


Marble  Dealers. 


JOHN     BAIRD      (MANTLES,     TOMBS, 

SLABS,  &c.).  Ridge  Road  and  Spring 

Garden  Street. 
JOSEPH    MAPLES    (SCULPTOR     AND 

MARBLE  MASON),  Arch  Street  near 

Broad. 
ADAM    STEINMETZ,    Ridge    Road 

above  Willow  Street. 
J.  E.  &  B.  SCHELL,  S.  E.  Corner  of 

Tenth  and  Vine  Streets. 

H.       S.       TARR       (MANUFACTORY      OF 

CARVED  AND  ORNAMENTAL  MARBLE 
WORK),  Green  Street  above  Seventh. 


Medicines.    Valuable. 

SWAIM'S  PANACEA,  for  the  Cure  of 
Scrofula,  or  King's  Evil,  and  all  Dis 
eases  arising  from  Impurity  of  the 
Blood. 

SWAIM'S  VERMIFUGE,  a  Valuable 
Family  Medicine  in  Diseases  arising 
from  Debility  of  the  Digestive  Organs. 
(See  Pamphlets,  to  be  had  gratis.) 
Prepared  at  Swaim's  Laboratory, 
South  Seventh  St.  below  Chestnut. 

WRIGHT'S  INDIAN  VEGETABLE 
PILLS,  N.  W.  Corner  of  Fifth  and 
Race  Streets. 


Millinery  Goods  and  Rib 
bons. 

M.  BERNHEIM,  11   S.  Second  Street. 

THOMAS  MORGAN  (Manufacturer 
of  Bonnets  and  Millinery  Goods),  88 
North  Ninth  Street,  above  Cherry. 

JOHN  STONE  &  SONS,  45  S.  Second. 

A.  H.  ROSENHEIM  &  CO.,  23£  South 
Second  Street. 


J.  C.  &  W.  E.  TABER,  19  S.  Second 
Street. 

W.  H.  HORSTMANN  &  SONS  (Manu 
facturers  of  Ribbons),  51  N.  Third 
Street. 


Military  Equipments. 


W.  H.  HORSTMANN  &  SONS, 

51   NORTH  THIRD  ST. 
(Manufactory  Fifth  and  Cherry), 

MANUFACTURERS  OF 

MILITARY  GOODS, 
Ladies'  Dress  Trimmings, 

Carriage  Laces  and  Trimmings, 

Upholsterers'  Trimmings, 

Blind  Trimmings, 

Tailors'  Trimmings, 
Masonic  and  other  Regalia. 

IMPORTERS    OF 

Hosiery,  Gloves, 

Cotton  Fringes,  Yarn,  &c. 

Combs,  Brushes,  Fans, 
French,  English,  and  German 

Fancy  Goods,  and 
Manufacturers'  Materials. 

SOLE    AGENTS    FOR 

RYLE'S  SPOOL  SILK. 
LAMBERT  &  WHITE,  103  N.  Third. 


Importer  of  Mosaic 
Flooring  Tile. 


S.  A.  HARRISON  (also  AGENT  AND 
IMPORTER  OF  TERRA  COTTA  WARE, 
ARCHITECTURAL  ORNAMENTS),  146 
Walnut  Street. 


Perfumery,  Fancy  Soaps, 

&.C. 


JOHN  T.  CLEGG  &  BROTHER  (also 
MANUFACTURERS  OF  PAPER  BOXES), 
48  Market  Street  below  Second. 

A.  W.  HARRISON,  10  South  Seventh 
Street,  above  Chestnut. 

W.  SCHOLLENBERGER  &  CO.,  26 
Merchant  Street,  first  street  below 
Market,  between  Fourth  and  Fifth. 


SAMUEL  F.  PRINCE   (DOMESTIC    MARBLE  AND   SOAPSTONE),   Chestnut   and 
Schuylkill  Front  Streets. 


PHILADELPHIA. 


351 


Paints,  Oils,  &c 


JOHN  LUCAS  &  CO.,    Proprietors  of 
the  Gibsboro',   New   Jersey,  PAINT 
AND    COLOR    WORKS  ;    Importers  of 
Foreign  Paints  and  Colors  ;  Vieillie 
Montague   Co.'s  French    white    and 
colored       Zinc      Paints  ;       English, 
French,  and  German  Bronzes;   Bary- 
tes ;    satin    white   Calcimine;    Paris 
white   Terra    Alba;    Gilders'   Whit 
ing;     French    Clay,    &c. ;     Foster's 
English  Patent  Driers  ;  Steel  Grain 
ing;    Combs;    Irish   Glue;    Rotten 
Stone,  &c.  &c. 
Paint  Mills,  of  all  sizes. 
Colors   for   Paper   and   Paper-Hang 
ings,  both  dry  and  in  pulp. 
Having  put  up  very  extensive  milling 
power,  we  are  now    prepared  to  fur-  j 
nish  Oil   and  Water,  as  well  as  dry 
Colors,  in    any  quantity,  on  the  most  | 
reasonable    terms,   guaranteeing    all  i 
our  Paints  to  be  ground  in  pure  Lin 
seed  Oil. 

All  Paints  and  Colors  put  up  in  the 
best  manner,  and  in  every   style  of 
package,  to  the  order  of  shippers  and  j 
dealers.     Store    and  Office  38  Arch 
Street. 


fornia  and  Southern  trade,  as  well 
as  City  use),  36  N.  Second  Street. 

POULTNEY,  COLLINS,  &  MASSEY, 
N.  W.  Corner  of  Tenth  and  Filbert 
Streets. 

WILLIAM  C.  RUDMAN  (BROWN 
STOUT,  PORTER  AND  ALE  BREWER, 
for  Southern  trade  and  City  use), 
121  Green  Street,  Northern  Liberties. 


Queensware,     Importers 
and  Jobbers. 


BOYD  &  STROUD,  26  N.  Fourth  St. 

W.  P.  &  G.  W.  HACKER,  60  N.  Se 
cond  Street. 

ROVOUDT&CO.,  164  N.  Third  Street. 

J.  Y.  RUSHTON  &  CO.,  245  Market 
Street,  above  Sixth,  North  side. 

Saddlery  Hardware  and 
Coach  Furniture. 


Piano-Fortes. 


C.  MILLER  (GRAND  ACTION  PIANO 
FORTE  MANUFACTURER),  22  South 
Sixth  Street,  between  Chestnut  and 
Market. 

THE  PRIZE  MEDAL  OF  THE 
WORLD'S  FAIR  AWARDED  TO 
CONRAD  MEYER,  for  his  two 
PIANOS,  October  loth,  1851.  Ware- 
room,  52  South  Fourth  Street. 

PIANOS  OF  SUPERIOR  QUALITY 
AT  THE  PHILADELPHIA  MANU 
FACTURING  COMPANY'S  (LAME, 
FELTEN,  &  Co.,  Eroprietors),  211  N. 
Third  Street. 

J.  H.  SCHOM ACKER  &  CO.  (MANU 
FACTURER),  No.  292  Chestnut  Street, 
between  Tenth  and  Eleventh  Streets. 
A  Gold  Medal  Awarded  by  the  Ame 
rican  Institute  of  New  York. 


H.     &     G.    FRICKE    (MANUFACTURERS 

OF  PATENT  BENT  P^ELLOES,  Bows, 
SHAFTS,  POLES,  &c  ),  14  N.  Third 
Street. 

LEE  &  FENTON  (IMPORTERS  &  DEAL 
ERS  IN  ALL  KINDS  OF  SADDLERY 

HARDWARE,  COACH  AND  HARNESS 
FURNITURE),  25  S.  Fourth  Street. 

GOFF  &  PETERSON,  12  N.  Fourth 
Street. 

W.  P.  WILSTACH,  28  !•  N.  Third  St. 

SADDLERY  AND  SADDLERY  HARDWARE. 

WM.  S.  HAN -ELL  &  SONS,  28  Mar 
ket  Street,  PhilacJ. 

H.  H.  HANSELL  &  BRO.,  24  Maga 
zine  Street,  New  Orleans. 

M.  MAGEE  &  CO.,  18  Decatur  Street, 
near  the  Arcade,  Philadelphia. 

MAGEE  &  NIECE,  6  Magazine  Street, 
New  Orleans. 


Safes,  Bank-Locks,  &c. 


OLIVER  EVANS,  No.  61  S. Second  St. 

FJRE  AND  THIEF-PROOF  SAFES; 

Porter   and  Ale    Brewers.       BANK,  VAULT,  AND   STORE   LOCKS; 

SEAL  AND  LETTER-COPYING  PRESSES  ; 
STORE-TRUCKS,  PACKING-LEVERS,  &c. 
JOHN  FARRELL  (AGENT  FOR    HER 
RING'S    SALAMANDER,   AND   JONES'S 
BANK-LOCKS),  34  Walnut  Street,  and 
25  Granite  Street. 


FREDK.  GAUL  (also  BROWN  STOUT),] 
N.  E.  Corner  of  Caliuwhill  and  .New 
Market  Streets. 

ROBERT  NEWLIN    (BROWN    STOUT, 
PORTER  AND  ALE  BREWER,  for  Cali- 


352 


FIRST  CLASS  WHOLESALE  HOUSES, 


EVANS  &  WATSON  (LATEST  IM 
PROVED  DOUBLE-DOOR  SALAMANDER 
FIRE,  THIEF,  AND  POWDER-PROOF), 
83  Dock  Street. 

L.  SCHANNINGER(FiRE  AND  THIEF- 
PROOF  SALAMANDER  CHESTS),  N.  W. 
Corner  of  Decatur  and  Carpenter 
Streets,  between  Sixth  and  Seventh, 
back  of  the  Arcade. 


Stationers. 


WM.  M.  CHRISTY,  65  S.  Third  St., 
opposite  Girard  Bank. 

ANDREW  DIMOND  (BOOKSELLER, 
STATIONER,  BLANK  BOOK  MANU 
FACTURER  AND  IMPORTER  OF  FINE 
CUTLERY;  Manufacturer,  Importer 
and  Wholesale  Dealer  in  Wall-Paper 
and  Window-Paper ;  Rags  taken  as 
Cash),  8  S.  Fourth  Street. 

HYMEN  L.  LIPMAN,  26  S.  Fourth 
Street,  Corner  of  Ran  stead  Place. 

W.  H.  MAURICE,  108  Chestnut  St., 
next  door  below  Commercial  Bank. 


Straw  Goods,  Panama 
Hats,  &c. 


THOMAS  WHITE,  No.  41   S.  Second 

Street,  above  Chestnut. 
WM.  DULTY,  98  Market  Street. 
J.  &  M.  SAUNDERS,  28  N.  Fourth. 


Steam-Engine  Builders 
and  Machinists. 


A.  L.  ARCHAMBAULT  (also  STEAM 
PORTABLE  HOISTING  AND  PUMPING 
ENGINE,  for  which  a  first  Premium 
was  awarded  by  Franklin  Institute, 
1851),  13  Drinker's  Alley. 

BANCROFT  &  SELLERS  (ENGINEERS, 
MILLWRIGHTS  AND  MACHINE  TOOL 
MAKERS),  Philadelphia. 

HOWARD  &  ASH  (also  MACHINISTS' 
TOOLS,  COPPER-PLATE  PRINTERS  AND 
ENGRAVERS'  MACHINES  AND  TOOLS), 
Schuylkill  Fifth  below  Market. 

I.  P.  MORRIS  &  CO.  (also  IRON  FOUN 
DERS,  GENERAL  MACHINISTS  AND 
BOILER-MAKERS),  Office  39  Walnut 
Street. 

MARSHALL,   BEMENT,  &   COLBY 

(MANUFACTURERS     OF     MACHINISTS' 

TOOLS),   Callowhill    Street,  west   of 
Schuylkill  Third. 


MERRICK  &  SON  (STEAM  ENGINEERS, 
MACHINISTS,  AND  .BOILER-MAKERS), 
Washington  Street,  Southwark. 

PEOPLE'S  WORKS  (HUNSWORTH, 
EAKINS,  &  CO.),  ENGINEERS,  MA- 
CHINISTS,AND  IRON  FOUNDERS,  Corner 
of  Front  and  Franklin  Streets,  Ken 
sington,  Philadelphia.  John  Huns- 
worth,  James  Eakins,  Jacob  Naylor, 
Edward  Kelly,  John  Eakins,  Andrew 

PENN  WORKS  (REANEY,  NEAFIE, 
&  CO.  (!RON  FOUNDERS,  MACHINISTS, 
AND  BOILER-MAKERS).  Marine  and 
Stationary  Engines  of  all  descriptions. 
365  Beach  Street,  Kensington. 


Spices,  Mustard,  Choco 
late,  &c. 


C.  J.  FELL  &  BROTHER,  64  South 
Front  Street. 


Shoe  Findings. 


ASHMEAD  &  HART  (IMPORTERS  OF, 
AND  DEALERS  in,  SHOE  MANUFAC 
TURERS'  TOOLS  AND  MATERIALS),  32 
N.  Fourth  Street. 

LAING,  MAGINNIS,  &  BROWN,  24 
N.  Third  Street. 


Surgical  Instruments, 
Trusses,  &c. 


J.  H.  GEMRIG  (also  HOOD'S  TRUSSES 
AND  SUPPORTERS),  43  South  Eighth 
Street. 

HORATIO  G.  KERN,  393  Market  be 
low  Eighth  Street. 

WIEGAND  &  SNOWDEN,15  N.  Fifth 
Street. 


Transportation  Cos. 
Western. 


ATKINS  &  CO.  (RELIANCE  LINE),  227 
Market  Street,  and  54  Commerce 
Street. 

BINGHAM  &  DOCK  (BiNGHAM's  LINE), 
276  Market  Street.  Passenger  De 
pot,  Schuylkill  Fifth  and  Market 
Streets. 

HARRIS  &  LEECH,  13  and  15  S.  Third 
Street;  and  corner  of  Front  and  Dock 
Streets. 


PHILADELPHIA. 


353 


PENNSYLVANIA  RAILROAD   CO. ; 

for  Freight  and  Passenger  Rates,  and 
Map  of  Road,  see  pages  356  and  357. 

Trunks^  Valises,  Carpet- 
Bags,  &c. 

T.  W.  MATTSON  (INVENTOR  AND 
MANUFACTURER;  3  LARGE  WARE- 
ROOMS  SUPPLIED  FROM  HIS  FACTORY  ; 
BEST  AND  CHEAPEST),  S.  W.  and  S. 
E.  Corners  of  Fourth  and  Market 
Streets. 

GEORGE  B.  BAIN,  92  Market  Street 
above  Third  (South  side),  and  6  N. 
Fourth  Street. 

A.  L.  HICKEY  &  CO.,  148  Chestnut 
Street,  above  Sixth. 

E.  P.  MOVER  (also  MANUFACTURER 
OF  CARRIAGE-HARNESS,  HORSE-COV 
ERS,  &c.)5  38  and  250  Market  Street. 

LEWIS  T.  DUTTON  (also'BooTS  AND 
SHOES),  184  Market  Street. 

D.  S.  McCARTER,  80  Market  Street, 
between  Second  and  Third  Streets. 

SAMUEL  W.  KENNEDY  (MANUFAC 
TURER),  60  N.  Third  Street. 


Varnishes,  &c. 


Umbrellas  and  Parasols, 


WILLIAM   A.   DROWN,    86   Market 

Street. 
SLEEPER  &  FENNER,  126  Market 

Street. 
WRIGHT  BROTHERS,  &  CO.,  114 

Market  Street. 


i  BENJAMIN  C.  HORNOR,  81  Arch 
Street  between  Second  and  Third, 
north  side. 

|  LEWIS  L.  PECK,  15  Dock  Street. 
W.  F.   PEDDRICK  (also    PAINTS),  78 
N.  Fourth  Street,  west  side. 

i  C.  SCHRACK  (also  PAINTS),  80  North 
Fourth  Street. 

Venetian  Blinds  and 
I  Shades, 

i  A.  BRITTON  &  CO.,  40  North  Second 
Street,  below  Arch,  west  side. 

1  MARTIN  FREE  (FANcy  REED  WIN 
DOW  BLIND,  AND  WINDOW  SHADE 
MANUFACTURER),  518  N.  Second 
Street. 

i  R.  W.  KENSIL,  347  Race,  or  Sassa 
fras. 

1  WILLIAM  MORRIS,  52J  N.  Eighth 
Street;  above  Arch,  west  side. 

j  B.  J.  WILLIAMS,  12  N.  Sixth  Street. 

I  G.  L.  MILLER  &  CO.  (MANUFACTU 
RERS  AND  DEALERS  IN  TRANSPARENT 
WINDOW  SHADES),  S.  W.  Corner  of 
Second  and  Arch  Streets. 

E.  ROBINSON  (WHOLESALE  AND  RE 
TAIL  WTINDOW-SHADE  MANUFACTU 
RER),  11  South  Third  Street;  also, 
Corner  of  Christian  and  Swanson, 
Southwark.  Sketches  from  Nature 
correctly  taken. 


Upholstery-Goods, 

HENRY  W.  SAFFORD  (IMPORTER 
AND  DEALER  IN  CURTAINS,  CURTAIN 
MATERIALS  AND  TRIMMINGS,  SHADES, 
&c.)>  171  Chestnut  Street. 


Warming  and  Venti 
lating. 


S.  A.  HARRISON  (AGENT  CHILSON 
AND  EMERSON'S  APPARATUS,  also 
AGENT  MIRROR  MARBLE  MANTLES), 
146  Walnut  Street. 

BAKER  &  WILLIAMS  (CULVER'S  PA 
TENT  FURNACES,  AND  COLLIN'S  PA 
TENT  VENTILATORS),  406  Market  St. 


Blinds  and  Shades. 

Premiums  Awarded  to  GEO.  W.  ZIMERMAN,  61  Arch  Street,  above  Second, 
Philadelphia,  at  the  Philadelphia  and  Baltimore  Exhibitions,  for  his  SPLENDID 
VENETIAN  BLINDS,  which  he  will  sell,  WHOLESALE  AND  RETAIL,  at  the  lowest 
cash  prices.  Repairing  and  Jobbing  attended  to.  Window  Shades  and  Reed 
Blind*  at  Manufacturers'  Prices. 

30* 


354 


FIRST  CLASS  WHOLESALE  HOUSES. 


Envelopes,  &c. 

L.  C.  BAKER  Si  CO.  (WHOLESALE  AND  RETAIL  ENVELOPE  MANUFACTORY),  55 
South  Fourth  Street.  Orders  received  for  Envelopes,  Printing,  Embossing, 
Die-Sinking,  Engraving,  &c.,  from  all  parts  of  the  Country.  Having\ Patent 
Machines  for  Manufacturing  and  Printing,  they  are  prepared  to  execute  orders 
with  dispatch. 


A   FEW 


OF  THE 


FIKST  CLASS  WHOLESALE  HOUSES 
,       IN  CINCINNATI, 

(TO  BE  COMPLETED  IN  NEXT  EDITION.) 


Boots,   Shoes,   and    Eon- 
nets. 

REEVES,  STEPHENS  &  CO,  126 
Main  Street,  E.  side,  between  Third 
and  Fourth  Streets. 


Drugs.    Importers   and 
Wholesale  Dealers. 

BURDSAL  &  BROTHER,  N.  W.  Cor 
ner  of  Main  and  Front  Streets,  is  a 
FIRST  CLASS  WHOLESALE  DRUG 
HOUSE,  AND  IMPORTERS  AND  DEAL 
ERS  ix  ALL  ARTICLES  IN  THE  DRUG 
TRADE.  (Motto,  Large  Sales  and 
Small  Profits.) 

CONKLING,  WOOD,  &  CO.  (MANU 
FACTURERS  OF  CASTOR-OIL,  WHITE 
AND  RED  LEAD,  LITHARGE,  WHIT 
ING,  PUTTT,  CHROMES  GREEN,  RED, 
AND  YELLOW,  ASSORTED  COLORS 
DRY,  OR  IN  OIL,  AND  IMPORTERS 
OF  COARSE  PAINTS),  North  side  of 
Court  Street,  East  of  Broadway, 
Cincinnati,  Ohio. 


Grocers. 


Fancy  Goods. 


TAYLOR,   FRENCH,  &    WYNNE, 

70  Main  and  3  Pearl  Streets. 


JOSEPH  C.  BUTLER  &  CO.  (WHOLE 
SALE  GROCERS  AND  COMMISSION 
MERCHANTS),  47  Main  Street. 

SPRINGER  &  WHITEMAN,  16  and 
18  Columbia  Street. 


Hardware  and  Cutlery. 

R.  W.  BOOTH  &  CO.  (CARPENTERS' 
AND  COOPERS'  TOOLS,  ENGLISH  SIN 
GLE  AND  DOUBLE  BARREL  GUNS; 
also  AGENTS  FOR  FAIRBANK'S 
PLATFORM  SCALES),  S.  W.  Corner 
of  Walnut  and  Pearl  Streets. 

LATIMER,  COX,  COLBOURNE,  & 
LUPTON  (JOBBERS  OF  HARD- 

^WARE),  New  Store,  74  Main  Street, 
near  Pearl. 

TYLER,  DAVIDSON,  &  CO.,  140  and 
142  Main  Street. 


Lard  Oil. 


PROCTER  &  GAMBLE  (also  CAN 
DLES,  SOAP,  PEARL-STARCH),  252 
Main  Street,  between  Sixth  and 
Seventh. 

355 


ROAD. 

NOTICE  TO  WESTERN  TRAVELLERS. 

A    CONTr^lJblj^^R^L    ROAD 
From  PHILADELPHIA  to  PITTSBURGH,  Penn'a,, 

Massillon,    Wooster,    Cleveland,    Cincinnati,    0.,    Indianapolis, 
La  Fayette,  Terre  Haute,  Ind.,  and  Chicago,  111, 

THROUGH  from  PHILADELPHIA  to  PITTSBURG     in  19  Hours. 
"  "  "  "   CLEVELAND  in  26      " 

"  "  "  "   CINCINNATI  in  38      " 

"  "    CHICAGO        in  42      " 

Being1  the  Shortest  and    Quickest  Route  from  the 
Atlantic  Cities  to  the  Great  West. 

FARE  from  PHILADELPHIA  to  PITTSBTJRG  by  Railroad,  $9  50 

'  MASSILLON     '         "  10  00 

CLEVELAND  "  10  00 

CINCINNATI  "  16  30 

1  CHICAGO  "  20  00 

CINCINNATI  ^5f?tSa£gr  11  00 

On  or  about  the  Middle  of  MARCH,  the  Road  from  WOOSTER  to  CRESTLINE  -will  be 
opened,  and  Time  between  PHILADELPHIA  and  CINCINNATI  REDUCED  to  34  Hours. 
NOTICE. — In  case  of  Loss,  the  Company  will  hold  themselves  responsible  for  personal  bag 
gage  only,  and  for  an  amount  not  exceeding  $100. 

THOS.  MOORE,  Passenger  Agent,  Philadelphia. 
February.  1S53.  J.  MESKIMEN,  Passenger  Agent,  Pittsburg. 


PENNSYLVAIW^JIAIIL    ROAD. 

This  Road  being  now  completed,  it  opens  a  direct  Railway  communicating  between 

PHILADELPHIA,  PITTSBURG,  AND  THE  WEST; 

By  which  Freight  can  be  transported  quicker,  and  at  cheaper  rates,  than  by  any  other  route ; 

it  also  connects  Daily  with  the 
PACKETS     AT    PITTSBURG,     FOR 

WHEELING,  CINCINNATI,  LOUISVILLE,  ST.  LOUIS, 

AND  ALL  THE  DIFFERENT  POINTS  ON  THE  WESTERN  LAKES. 

Cars  run  through  between  Philadelphia  and  Pittsburg  without  transhipment  of  Freight, 
an  advantage  that  can  be  appreciated  by  all  shippers. 

In  case  of  obstruction  of  Navigation  by  Ice  or  Low  Water,  Freights  can  be  forwarded  from 
Pitteburg  to  Cincinnati,  or  Towns  in  the  interior,  by  Rail  Road. 

RATES  OF  FREIGHT  BETWEEN  PHILADELPHIA  AND  PITTSBURG. 

First    ClaSS.  Winter  Rate.  Summer  RaU. 

Dry  Goods,  Books  and  Stationery,  Boots,  Shoes,  Hats,  and  Car-)    4,  lftft  1ha       .-r 

petings,  Furs  and  Peltries,  Feathers.  Saddlery.  Ac.    .  .  J    * 

Second  Class. 
Brown  Sheetings  and   Shirtings  in  Bales,  Drugs,  Glassware, ") 

Groceries,  except  Coffee,  Hardware,  Hollow-ware,  Machinery.  >  85c.  "  60c. 

Oil  Cloth,  Wool,  &c., .J 

Third  Class. 
Butter  in  Firkins   and   Kegs,   Candles,  Cotton  (in  Winter)^ 

Queensware.  Tallow,  Tobacco  in  leaf  or  manufactured,  (East-  >  75c.  60c. 

ward)  &c.  &c.,       .  .  .  .  .  .  .  j 

Fourth  Class. 

Bacon,  Cotton  (in  Summer").  Coffee,  Lard  &  Lard  Oil  (through), )    ^  l(  xoc 

Pork,  fresh,  in  full  car  loads  at  Owner's  risk,  .  .  .  J 

E.  ,J.  SNEEQER,  Freight  Agent.  Philadelphia. 
,g  GEO.  C.  FB.ANCISCVS,   Frtfffht  Agent,  Pittsburg. 


ADVERTISEMENTS. 

EXCELLENT  INSURANCE  COMPANIES. 

Few  at  this  day  need  arguments  on  the  advantages  of  Life  Insurance, 
but  there  are  many  who  should  be  cautioned  to  exercise  greater  care  in  the 
selection  of  an  office.  The  following  is  the  Company  mentioned  p.  143,  as 
an  excellent  instance  of  those  doing  business  on  the  mutual  principle.  It 
requires  all  premiums  to  be  paid  in  cash,  and  consequently  its  losses  are 
paid  wholly  in  cash.  The  advantages  of  the  note  system  in  part  payment 
of  premiums  it  considers  questionable,  inasmuch  as  the  main  object  of 
insurance  is  to  secure  a  certain  sum  in  cash  to  surviving  relatives  beyond 
contingency,  but  those  Companies  that  take  notes  must  pay  their  losses 
partly  in  notes.  I  have  every  confidence  in  its  management — its  past 
prosperity  has  been  almost  unprecedented — and  I  recommend  those  who 
think  of  insuring  their  lives  on  the  mutual  principle  to  obtain  from  the 
Agents  a  copy  of  their  last  Report  containing  full  statements  and  particu 
lars,  or  address 

THE  MUTUAL  LIFE  INSURANCE  COMPANY 

OF  NEW  YORK,   35  WAIX  STREET. 

Net  Accumulated  Cash  Fund,  1,800,000  Dollars, 

Securely  invested  in  Bonds  and  Mortgages  on  Real  Estate,  chiefly  in  New  York  and  Brook 
lyn,  the  Heal  Estate,  in  each  and  every  case,  being  worth  double  the  amount  loaned 
thereon. 

All  the  Profits  are  divided  among  the  Insured,  and  on  Policies  for  the  Whole  of  Life,  will 
be  made  available  in  part  payment  of  Premiums,  after  the  dividend  of  1853. 
ISAAC  ABBATT,  Secretary,  JOSEPH  B.  COLLINS, 

CHARLES  GILL,  Actuary.  President. 

CAUTION. 

Having  determined  to  get  your  life  insured,  look  well  to  the  character  of  the  Company  in 
•which  you  are  invited  to  take  a  Policy.  Examine  the  Charter.  See  that  it  has  a  fair 
chance  of  continuing  to  exist  25  to  50  years,  or  more.  How  must  its  funds  be  invested  ? 
Can  the  Trustees  lend  all  the  property  to  themselves  ?  or  on  other  personal  security  ?  or  in 
any  kind  of  stock  which  may  become  worthless  ?  Do  the  Trustees  make  statements  that  are 
plain,  and  easily  understood  ?  and  do  their  statements  agree  with  the  sworn  accounts  mado 
to  the  State  authorities  ?  Are  the  rates  of  premium  those  of  Companies  known  to  have 
been  successful  ? 

You  may  live  15,  20,  30,  even  50  years.  Your  object  is  to  secure,  beyond  all  reasonable 
doubt,  a  certain  sum  to  your  survivors.  You  do  not  wish  even  to  trust  yourself!  You 
therefore  desire  to  have  every  possible  guaranty  that  the  sum  insured  will  be  paid,  as 
certain,  not  as  life,  but  as  death  !  What  is  the  trifling  accommodation  of  giving  a  note, 
(which  must  after  all  be  paid,)  or  an  annual  dividend,  cr  a  less  rate  of  premium,  in  com 
parison  with  the  certainty  of  final  payment? 

Are  you  satisfied,  that  before  making  their  dividend,  they  have  ascertained  by  a  most 
careful  calculation,  and  by  a  competent  and  experienced  Actuary,  that  they  had  actually 
made  the  profit  they  divide  ?  And  did  they  reserve  a  sum  sufficient  to  insure  all  risks  not 
terminated  ?  It  is  easy  to  make  a  gross  error  in  this  matter,  but  one  most  fatal  to  the 
insured. 

It  can  be  shown  to  be  mathematically  true,  that  an  annual  dividend  of  40  per  cent,  paid 
out  in  CASH  to  the  insured,  or  the  interest  only  of  which  should  be  annually  paid  in  CASH, 
would  eventually  render  the  Company  INSOLVENT,  although  for  a  number  of  years  their 
assets  would  increase. 

REMEMBER,  you  are  not  about  to  make  a  contract  for  a  month,  or  a  single  year,  but  for  a 
series  of  years !  and  should  you  discover,  some  time  hence,  that  you  havo  been  misled  into 
an  unsound  or  worthless  Company,  you  may  then  have  become  uninsurablc  from  sickne&s. 
Therefore  'begin  right,  lest  your  good  intentions  be  thrown  away. 


ADVERTISEMENTS. 

[For  the  advantages  of  Mixed  Life  Insurance  Companies,  see  page  142.     The 
following  are  good  ones. ,] 

THEGiRARD  LIFE  INSURANCE  ANNUITY  AND  TRUST  COMPANY 
OF  PHILADELPHIA, 

Office,  No,  132  CJiestnut  Street,  the  first  door  east  of  the  Custom  House. 
Charter  perpetual— Capital  $300,000  paid  in  and  invested,  which,  together  with  the 
accumulated  premium  Fund,  afford  ample  Security  to   the   Insured — continue  to  make 
Insurance  on  Lives  on  the  most  favorable  terms.    They  act  as  Executors,  Trustees,  and 
Guardians  under  last  Wills  and  Testaments,  and  as  Assignees  and  Receivers. 
The  premium  may  be  paid  yearly,  half-yearly,  or  quarterly. 

The  Company  add  a  BONUS  periodically  to  the  Insurances  for  Life.    The  first  Bonus  was 
appropriated  in  December  1844,  and  the  second  Bonus  in  December,  1849. 

MANAGERS. 

Thomas  Ridgway,  John  A.  Brown,  George  Taber, 

Armon  Davis,  Thomas  P.  James,  John  R.  Latimer, 

John  Jay  Smith,  Joseph  T.  Bailey,  Wharton  Lewis, 

Robert  Pearsall,  D.  Danner,  John  R.  Slack. 

Joseph  Yeager,  Frederick  Brown, 

Pamphlets  containing  tables  of  rates  and  explanations,  forms  of  application,  and  further 
information,  can  be  had  at  the  Office. 
JNO.  F.  JAMES,  Actuary.  THOMAS  RIDGWAY,  Resident, 

THE  UNITED  STATES  LIFE  INSURANCE,  ANNUITY,  AND  TRUST 
COMPANY  OF  PHILADELPHIA, 

(Mixed)  Charter  Perpetual.     Capital  $25O,GOO. 

Office,  South  East  Corner  of  Third  and  Chestnut  Streets. 


FRANKLIN  FIRE  INSURANCE  COMPANY  OF  PHILADELPHIA, 

Capital  paid  in,  $400,000.    Invested  Fund,  $1,250,000. 

Officel63%  Chestnut  below  Fifth  Street.     Charter  Perpetual. 

Make  Insurance,  permanent  or  limited,  against  Loss  or  Damage  by  Fire,  on  Property  and 
Effects  of  every  description  in  Town  or  Country,  on  favorable  terms. 

DIRECTORS. 

Charles  N.  Bancker,  George  "W.  Richards,  David  S.  Brown, 

Tobias  Wagner,  Mordecai  D.  Lewis,  Morris  Patterson, 

Samuel  Grant,  Adolphe  E.  Borie,  Isaac  Lea, 

Jacob  R.  Smith, 
CHARLES  G.  BANCKER,  Secretary.  CHARLES  N.  BANCKER,  President. 

'  THE  MONARCH  FIRE  INSURANCE  COMPANY  OF  LONDON, 

CAPITAL  $1,500,000,  and  Surplus  Fund  of  $700,000. 

PHILADELPHIA   AGENT. 

John  G.  Holbrooke,  56  Walnut  Street  (Farquhar  Building).  Losses  adjusted  and  promptly 
paid  in  Philadelphia. 

REFERENCES. 

In  Philadelphia — Messrs.  Lawrence  &  Stone,  Wain,  Learning  &  Co.,  Slade,  Gemill  &  Pratt, 
M.  L.  Hallowell  &  Co.,  William  Peter,  Esq.,  H.  B.  M.  Consul,  Charles  H.  Welling,  Esq.,  and 
Edward  Frith,  Esq. 

In  Baltimore — Messrs.  Tiffany,  Ward  &  Co.,  Wyman,  Appleton,  &  Co.,  and  Josiah  Lee  &  Co. 

In  Washington,  D.  C. — Messrs.  Corcoran  &  Riggs. 

,  DIRECTORS  IN  BOSTON*. 

Nathaniel  Thayer,  Esq.  James  Murray  Howe,  Esq.        James  Sturgis,  Esq. 

Samuel  Hooper,  Esq.  Charles  II.  Mills,  Esq.  Chas.  F.  Shimmin,  Esq. 

Farnham  Plummer,  Esq. 

GEORGE  ADLARD, 
Resident  Secretary  in  Boston,  and  General  Agent  for  the  United  States. 


ADVERTISEMENTS. 

FIRE    AND    LIFE    INSURANCE, 

ROYAL  INSURANCE  COMPANY,  LIVERPOOL  AND  LONDON. 

CAPITAL,  £2,000,000,  Stg.-$10,000,000. 

Insures  against  loss  or  damage  by  Fire,  and  makes  Insurance  on  Lives. 

PHILADELPHIA   AGENCY. 

No.  4  South  Front  Street. 
WOOD,  FULLER  AND  WELLS. 

Refer  to  C.  H.  Fisher,  Esq.,  I.  Pemberton  Hutchinson,  Esq.,  1?.  B.  Comegys,  Esq.,  Cashier 
Philadelphia  Bank,  Wm.  Peter,  Esq.,  H.  B.  M.  Consul,  Messrs.  S.  &  W.  Welsh,  Messrs. 
Thomas  &  Martin,  Messrs.  Thomas  Allibone  &  Co.,  Messrs.  N.  Trotter  &  Co.,  Messrs.  S.  Morris 
Wain  &  Co. 

STANDARD    FAMILY   MEDICINES. 

Prepared  with  great  care,  and  expressly  for  Family  Use,  such  is 
DR.  SWAYNE'S 

CELEBRATED  MEDICI5TES. 

A  single  trial  will  place  them  beyond  the  reach  of  competition,  in  the  estimation  of  every 
patient.  They  are  the  results  of  many  years  extensive  practice  in  Philadelphia,  by  DR. 
SWAYNE.  There  is  scarcely  a  town  or  hamlet  in  the  United  States  in  which  they  have 
not  been  used  with  the  most  happy  result.  They  comprise — 

Dr.  Swayne's  Compound  Syrup  of  Wild  Cherry. 

For  the  cure  of  Coughs,  Colds,  Asthma,  Spitting  of  Blood,  Liver  Complaint,  tickling  or 
rising  sensation  in  the  throat,  Nervous  Debility,  Weakness  of  Voice,  Palpitation  or  Disease 
of  the  Heart,  Pains  in  the  side  or  breast,  broken  Constitution  from  various  causes,  the  abuse 
of  calomel,  &c.,  Bronchitis,  Whooping-cough,  Croup,  Scrofula  (or  King's  Evil),  and  Con 
sumption  in  its  incipient  and  confirmed  stages. 

Be  Careful  in  Purchasing 

To  obtain  the  original  and  only  genuine  preparation  of  Wild  Cherry,  which  must  have 
the  portrait  and  signature  of  DK.  SWAYNE  on  each  wrapper  around  the  bottle.  Until 
you  obtain  this  compound  you  will  never  know  the  real  virtues  of  Wild  Cherry. 

Dr.  Swayne's  Celebrated  Vermifuge, 

In  Square  Bottles,  very  pleasant  to  the  taste,  and  the  most  effectual  remedy  in  expel 
ling  worms,  curing  dyspepsia,  sour  stomach,  increasing  the  appetite,  and  invigorating  the 
whole  system.  Observe,  that  it  is  in  square  bottles  with  the  portrait  of  DK.  SWAYNE  on 
each  wrapper  around  the  bottle.  None  other  is  genuine. 

Dr.  Swayne's  Sugar  Coated  Sarsaparilla  and  Tar  Pills. 

A  gentle  Purgative  and  alterative  medicine,  far  superior  to  the  Pills  in  general  use,  more 
mild,  prompt  and  uniform  in  their  operation,  may  be  taken  at  all  times,  and  in  fact  in  every 
disease  where  an  aperient,  alterative,  or  purgative  medicine  is  required,  and  for  the  diseases 
incident  to  females  they  are  unequalled. 

The  above  valuable  Medicines  are  prepared  only  by  DR.  SWA  YNE  at  his  Laboratory, 
No.  4  North  Seventh  Street,  (late  8th  and  Race)  PHILADELPHIA,  and  for  sale  by  Druggists  and 
Dealers  in  Medicines  everywhere. 

STORES'  CHEMICAL  HAIR  INVIGORATOR  ~ 

Will  entirely  free  the  head  from  dandruff,  scurf,  and  all  manner  of  disease.  It  is  guaran 
teed  to  restore  the  hair  after  it  has  fallen  off,  and  to  render  the  hai-shest  and  coarsest  hair 
beautifully  soft  and  luxuriant.  For  toilet  use  it  is  unsurpassed.  All  w*e  ask  is  a  fair  trial, 
and  satisfaction  is  warranted.  For  sale  by  Druggists  throughout  the  United  States,  and  by 
the  proprieters.  Price  25  cents. 

C.  P.  AMET  &  CO., 
120  Arch  Street,  one  door  below  Sixth. 


YC  0548! 


118317 


m 


